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Posted 27 October, 2023

DTE ENERGY CO appointed new CEO

CEO Change detected for ticker NYSE:DTB in a 8-K filed on 27 October, 2023.


  On October 25, 2023, the Board of Directors of DTE Energy Company (the "Company" or "DTE Energy") elected a new director, Nicholas K. Akins, effective December 4, 2023. Mr. Akins is the retired Executive Chair and former Chief Executive Officer of American Electric Power Company, Inc.  

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Overview of DTE ENERGY CO
Companies on the Energy Service • Electric Utilities
DTE Energy Co. operates as a diversified energy company, which engages in the development and management of energy-related businesses and services. It operates through the following segments: Electric, Gas, DTE Vantage, Energy Trading, and Corporate and Other. The Electric segment consists of generation, purchase, distribution, and sale of electricity to residential, commercial, and industrial customers in southeastern Michigan. The Gas segment is involved in the purchase, storage, transportation, distribution, and sale of natural gas to residential, commercial, and industrial customers throughout Michigan, and the sale of storage and transportation capacity. The DTE Vantage segment focuses on projects that deliver energy and utility-type products and services to industrial, commercial, and institutional customers, produce reduced emissions fuel, and sell electricity and pipeline-quality gas from renewable energy projects. The Energy Trading segment covers energy marketing and trading operations. The Corporate and Other segment includes various holding company activities, holds certain non-utility debt, and holds certain investments, as well as funds supporting regional development and economic growth. The company was founded in January 1995 and is headquartered in Detroit, MI.
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Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


Election of New Director


On October 25, 2023, the Board of Directors of DTE Energy Company (the "Company" or "DTE Energy") elected a new director, Nicholas K. Akins, effective December 4, 2023. Mr. Akins is the retired Executive Chair and former Chief Executive Officer of American Electric Power Company, Inc. The Board of Directors determined that Mr. Akins is an independent director under New York Stock Exchange listing standards and the Company's Categorical Standards for Director Independence. There is no arrangement between Mr. Akins and any person pursuant to which he was selected as a director. Mr. Akins is not a party to any transaction subject to Section 404(a) of Regulation S-K involving the Company or any of its subsidiaries.


Mr. Akins will receive 1,000 shares of restricted stock upon his commencement of service as a director pursuant to the Company's Long-Term Incentive Plan. The shares vest three years from December 4, 2023, the effective date of the grant, and the recipient is not required to pay any consideration. Mr. Akins will also participate in the Company's other compensation and benefit programs for non-employee directors which are described on pages 23-24 of the Company's 2023 Proxy Statement & Notice of Annual Meeting which was filed with the Securities and Exchange Commission on March 23, 2023.


A copy of the Company's press release announcing Mr. Akins' election is attached hereto as Exhibit 99.1 and incorporated herein by reference.