A member of the board of directors at OGE Energy Corp. says he will not be seeking re-election at the upcoming annual meeting of shareholders because he has accepted a new job.
Luther C. Kissam, IV recently told the Board he will resign effective on May 14th, the date of the annual meeting. Kissam served more than five years on the Board and its different committees.
“Mr. Kissam stated that his decision is based on recently
accepting a new position as chief executive officer of another company, which requires him to resign as a member of the board of directors of other companies. His decision is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices,” according to an OGE Energy Corp. filing with the U.S. Securities and Exchange Commission.
It results in a change of the company’s proxy materials sent to shareholders and also reduces the size of the board of directors to eight. The company said otherwise, the company’s slate of nominees remains unchanged.
“Previously voted proxies remain valid, other than with respect to Mr. Kissam as he is no longer standing for re-election,” stated the SEC filing.
Kissam’s resignation came after he was announced as the new chief executive officer of Corteva Inc.’s spinoff planned crop protection company. He was the former chairman, president and CEO of Albemarle Corporation until his retirement in 2020 and will join Corteva June 1. Prior to Albemarle, he held legal positions at Merisant Company and Monsanto. His most recent role was senior advisor at Bernhard Capital Partners Management.
Corteva created the planned separation and the new crop protection company will operate as an asset-light business model focused on nature-inspired technologies.