BlackRock Nominates Hans E. Vestberg to Board of Directors

Rhea-AI Summary

BlackRock, Inc. (NYSE: BLK) has nominated Hans E. Vestberg, CEO of Verizon, to join its Board of Directors, pending shareholder approval during the Annual Meeting on May 26. Vestberg's extensive leadership and expertise in technology align with BlackRock’s strategic priorities, particularly in sustainability and market expansion in Europe. Current board member Mathis Cabiallavetta will not seek re-election. Among the 16 nominated candidates, 14 are independent, with a diverse representation that includes five women and six non-U.S. citizens.

Positive

• Nomination of Hans E. Vestberg expected to bring valuable insights into technology and sustainability.
• Board composition remains strong with 14 out of 16 nominees being independent directors.

Negative

• Departure of Mathis Cabiallavetta raises concerns about continuity and experience on the Board.

BlackRock, Inc. (NYSE: BLK) today announced that Hans E. Vestberg, Chairman and Chief Executive Officer of Verizon Communications Inc., has been nominated to join its Board of Directors. Mr. Vestberg will be included as a nominee in BlackRock’s 2021 Proxy Statement and, if elected by shareholders, will join the Board as an independent director after the Company’s Annual Meeting on May 26^th.

“Hans’ leadership and international experience, as well as his deep knowledge of technology and sustainability, perfectly align with some of BlackRock’s most important priorities. He will bring valuable insights to our Board as we expand in key markets in Europe, use technology to continue transforming our business, and further embed sustainability into our investment processes and corporate practices,” said Laurence D. Fink, BlackRock Chairman and CEO.

Mathis Cabiallavetta, who has served the Board with distinction since 2007, will not stand for re-election at BlackRock’s Annual Meeting. “I want to thank Mathis for his passion and dedication to BlackRock and its shareholders over the last 13 years,” said Mr. Fink. “His expertise and advice at critical moments in BlackRock’s growth, particularly in Europe, have been invaluable to the Board and to me personally.”

BlackRock’s other 15 board members will all stand for re-election. Of the 16 candidates nominated for election, which include Mr. Vestberg, 14 are independent. The slate of director nominees includes five women, six non-U.S. or dual citizens, and three individuals who self-identify as racially or ethnically diverse.

Hans E. Vestberg

Mr. Vestberg has served as the CEO of Verizon since 2018 and as Chairman since March 2019. Prior to these roles, Mr. Vestberg served as Verizon’s Chief Technology Officer and President of Global Networks from 2017 to 2018. Before joining Verizon in 2017, Mr. Vestberg served for six years as president and CEO of Ericsson, a multinational networking and telecommunications equipment and services company headquartered in Sweden. Mr. Vestberg is a board member of the UN Foundation and the Whitaker Peace & Development Initiative. He also serves as Chairman of the World Economic Forum EDISON Alliance. Mr. Vestberg has lived and worked in China, Chile, Brazil and Mexico, in addition to the U.S. and Sweden.

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @blackrock | LinkedIn: www.linkedin.com/company/blackrock

ADDITIONAL INFORMATION AND WHERE TO FIND IT

BlackRock, Inc. (the “Company”), its directors and certain of its executive officers and employees may be deemed to be participants in the solicitation of proxies from shareholders in connection with the Company’s 2021 Annual Meeting of Shareholders (the “2021 Annual Meeting”). The Company plans to file a proxy statement with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the 2021 Annual Meeting (the “2021 Proxy Statement”). Additional information regarding the identity of these potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in the 2021 Proxy Statement and other materials to be filed with the SEC in connection with the 2021 Annual Meeting. This information can also be found in the Company’s definitive proxy statement for its 2020 Annual Meeting of Shareholders (the “2020 Proxy Statement”), filed with the SEC on April 9, 2020, or the Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 25, 2021 (the “Form 10-K”). To the extent holdings of the Company’s securities have changed since the amounts printed in the 2020 Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC.

SHAREHOLDERS ARE URGED TO READ THE 2021 PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), 2020 PROXY STATEMENT, FORM 10-K AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY HAS FILED OR WILL FILE WITH THE SEC BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION.

Shareholders will be able to obtain, free of charge, copies of the 2021 Proxy Statement (when filed), 2020 Proxy Statement, Form 10-K and any other documents filed or to be filed by the Company with the SEC in connection with the 2021 Annual Meeting at the SEC’s website (http://www.sec.gov) or at the Company’s website (http://www.blackrock.com) or by writing to the Company’s Secretary at BlackRock, Inc., 40 East 52nd Street, New York, New York 10022.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210324005937/en/

FAQ

Who is Hans E. Vestberg and why was he nominated to BlackRock's Board?

Hans E. Vestberg is the CEO of Verizon and has been nominated for his leadership and expertise in technology and sustainability, which align with BlackRock's priorities.

What changes will occur at BlackRock's Board of Directors this year?

Mathis Cabiallavetta will not stand for re-election, while Hans E. Vestberg has been nominated to join the Board.

When will BlackRock's Annual Meeting take place?

BlackRock's Annual Meeting is scheduled for May 26, where the nomination of Hans E. Vestberg will be voted on.

How many independent directors are nominated for election at BlackRock?

Out of the 16 nominated candidates for BlackRock's Board, 14 are independent directors.

What is the significance of Hans Vestberg's nomination for BlackRock shareholders?

His nomination is significant as it may enhance the Board's focus on technology and sustainability, potentially benefiting the company's strategic direction.