American Electric Power (AEP) has released an update.
American Electric Power Company has expanded its board of directors from 12 to 14, appointing Carl Icahn’s associate, Hunter Gary, and Hank Linginfelter as new members, with terms expiring at the 2024 Annual Meeting, where they will also be nominated for election. The agreement includes efforts to secure regulatory approvals to maintain the new appointees’ board positions, and stipulates that if Icahn Group’s ownership falls below a set threshold, their designee must resign. Both appointees are deemed independent under NASDAQ rules and will receive standard non-employee director compensation. The arrangement also includes a confidentiality agreement and certain provisions regarding board committee formation and executive appointments, with a standstill period during which the Icahn Group will support the Board’s recommendations.
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