Board comprised of highly qualified, diverse directors with experience and expertise to oversee the new independent midstream company
Director appointments will be effective upon completion of DT Midstream spin-off, which is expected in July 2021
DT Midstream files Form 10 registration statement with Securities and Exchange Commission
DETROIT, May 07, 2021 (GLOBE NEWSWIRE) — DTE Energy (NYSE:DTE) today announced the composition of the Board of Directors for DT Midstream, the new independent, publicly traded company that is expected to be formed through the planned spin-off of DTE Energy's non-utility natural gas pipeline, storage and gathering business. DTE Energy expects that the spin-off will be completed in July 2021.
The DT Midstream Board will consist of seven directors, including five independent directors:
- Robert Skaggs, Jr., executive chair of the DT Midstream Board, former chairman and CEO of Columbia Pipeline Group, Inc. and former president and CEO of NiSource, Inc.
- David Slater, president and CEO of DT Midstream, currently president and COO of DTE Midstream
- Stephen Baker, owner, president and CEO, Rondeau Energy Consulting Inc.
- Wright Lassiter III, lead independent director of the DT Midstream Board and president and CEO of Henry Ford Health System Inc.
- Elaine Pickle, senior audit partner, Ernst & Young LLP, retiring June 30, 2021
- Peter Tumminello, former group president of commercial businesses, Southern Company Gas
- Dwayne Wilson, former senior vice president, Fluor Corporation
An infographic with more information about the DT Midstream Board's composition and these directors can be found at DTE Energy Newsroom and dtemidstream.com.
“DT Midstream will be a premier independent, natural gas midstream company, and we are pleased to assemble an outstanding group of directors to help guide it forward,” said Skaggs. “Our diverse Board will include seasoned executives with significant energy, midstream, natural gas and local market experience, as well as financial and regulatory expertise. I am confident that we will have the right skill sets to drive growth and value creation at the new DT Midstream."
In addition, DT Midstream has filed the Form 10 registration statement with the Securities and Exchange Commission in connection with the planned spin-off. Completion of the spin-off is subject to final approval by DTE Energy's Board of Directors, the Form 10 registration statement being declared effective by the Securities and Exchange Commission, regulatory approvals and satisfaction of other conditions. Under the separation plan, DTE Energy shareholders will retain their shares of DTE Energy stock and receive a pro-rata dividend of shares of DT Midstream stock.
The separation transaction is expected to be tax-free to DTE Energy and its shareholders for U.S. federal income tax purposes. A copy of the Form 10 registration statement, including subsequent amendments, is available on the Investor Relations page of DTE Energy's website: dteenergy.com.
About Stephen Baker
Baker has more than 30 years of senior executive experience in the energy industry, including in the natural gas storage distribution and transmission field.
Baker is owner, president and CEO of Rondeau Energy Consulting Inc., a company established in 2019 focused on energy related and merger and acquisition engagements. Baker served as president of Union Gas, Limited from 2017 to 2019 as part of Enbridge Inc. Baker also served as president and chairman of Union Gas as part of Spectra Energy Corp. from 2012 to 2017. Over the course of his three-decade career with Union Gas, Baker held senior executive roles in finance, business development and marketing. Baker also held the role of vice president and treasurer of Spectra Energy Corp. from 2010 to 2012, where he led all treasury, capital markets and financing strategies.
Baker has served on the board of Ontario's Independent Electricity System Operator (IESO) since 2019 and is currently chair of the markets committee and a member of the human resources and governance committee. Baker is also on the Advisory Board of the MaRS Discovery District Energy Board and MyHEAT. He previously chaired or served as a board member of a number of professional and community organizations, including the Canadian Gas Association, Ontario Energy Association and Union Gas, as well as the Children's Treatment Centre of Chatham-Kent and the Chatham-Kent Community Leaders' Cabinet.
Baker earned a Bachelor of Arts degree in honours chartered accountancy studies and a Master of Accounting degree from the University of Waterloo. Baker is a Certified Professional Accountant (Ontario/Canada) and holds an ICD.D directors certification from the Institute of Corporate Directors.
About Wright Lassiter III
Lassiter, who will serve as lead independent director for DT Midstream, has more than 30 years of experience leading large, complex healthcare systems.
Currently, Lassiter is president and CEO of Henry Ford Health System Inc., overseeing a $7 billion healthcare system comprised of six hospitals, a health plan and a wide range of ambulatory and retail and related health services. He has served as president since 2014 and as CEO since 2016. Prior to this, Lassiter served as CEO of Alameda Health System, an integrated public healthcare system in Oakland, California, and senior vice president of operations of JPS Health Network, a hospital district in Fort Worth, Texas.
Lassiter serves on the board of Quest Diagnostics, Inc. He also serves as the board vice chair for the Federal Reserve Bank of Chicago and chairs its governance and nominating committee and serves on the audit committee. He also serves on the boards of Le Moyne College, the Detroit Regional Chamber of Commerce, the Detroit Children's Fund and the Detroit Regional Partnership.
Lassiter earned a Bachelor of Science degree in chemistry from Le Moyne College and a Master's degree in healthcare administration from Indiana University.
About Elaine Pickle
Pickle has extensive knowledge of the energy industry having served upstream, midstream and energy services companies in the U.S. and internationally.
Pickle is currently a senior audit partner at Ernst & Young LLP, having served as an audit partner since 2002, and will be retiring after …
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