Duke Energy board appoints Derrick Burks as board member
Duke Energy announced the appointment of Derrick Burks as a new board member, effective March 1, 2022. Burks, a former managing partner at EY, brings extensive experience in assurance, tax, and advisory services. He has previously served on the board of Vectren Corporation and is currently involved with Equity LifeStyle Properties and Kite Realty Group Trust. His expertise in audits, risk assessment, and capital markets is expected to aid Duke's strategy amidst industry changes. Burks joins under a 2021 cooperation agreement with Elliott Investment Management, emphasizing the company's focus on regional expertise.
- Derrick Burks brings extensive experience in audits and risk assessment to the board.
- Appointment aligns with strategic growth and industry transformation.
- Concerns about continuity with the departure of long-standing members.
CHARLOTTE, N.C., Feb. 24, 2022 /PRNewswire/ -- Duke Energy's board of directors today announced the appointment of Derrick Burks – a former managing partner at global professional services company EY (Ernst & Young) – as a new board member, effective March 1.
Burks served as the managing partner at EY's Indianapolis office before retiring in 2017. Under his leadership, EY was the market leader for assurance, tax and advisory services in Indiana. Burks joined EY in 2002 and was promoted to managing partner in 2004.
Prior to joining EY, Burks worked at the Indianapolis office of accounting firm Arthur Andersen for 24 years. He joined Arthur Andersen in 1978, was admitted into the partnership in 1991, and became office-managing partner in 2000.
Burks was the first African American in Indiana promoted to partner by any of the major accounting firms.
Throughout his career, Burks has provided business and financial expertise to a wide range of clients, including small businesses, large international corporations and public companies. Throughout his career, he also served companies in various industries, including manufacturing, real estate, energy and utilities. He possesses substantial experience with audits, enterprise risk assessment, mergers and acquisitions, and capital market transactions.
Burks currently serves on the boards of Equity LifeStyle Properties, Inc., and Kite Realty Group Trust. Previously, he served on the board of directors at Vectren Corporation, an Indiana-based regional energy company, and also served as a commissioner on the Indiana Board of Accountancy.
"Derrick Burks' deep expertise, strategic insight and broad experience working with numerous companies and industries will be invaluable assets to our board and our company," said Lynn Good, Duke Energy Chair, President and CEO. "Derrick has consulted with many companies and industries experiencing rapid change similar to the dramatic transformation occurring today in our company and the energy industry at large."
Burks is the second of two new independent directors appointed to Duke Energy's board under a 2021 cooperation agreement between the company and Elliott Investment Management L.P.
The company previously announced the appointment of the other new director – Idalene Kesner, dean of Indiana University's Kelley School of Business.
"We are pleased with the appointment of Derrick Burks, which represents a continuation of Duke's commitment to add regional expertise and perspectives to its Board. We continue to believe that Duke owns one of the highest quality collections of premium utility businesses of any utility, and we look forward to continued dialogue with the Company as it seeks to drive value for shareholders," said Jesse Cohn and Jeff Rosenbaum of Elliott.
Burks will serve on the board's audit committee and finance and risk management committee.
Burks has been actively involved in the civic and community life of Indianapolis, his hometown, throughout his career and continuing to today.
He has worked closely with the Indy Championship Fund, 2012 Super Bowl Fund, Lucas Oil Stadium Board, The Center for Leadership Development, Goodwill Industries, Boy Scouts of America, The Children's Museum, United Way, Indiana Black Expo, Visit Indy, Heart Change Ministries and many other organizations and initiatives.
Burks also serves on the Indiana University Foundation's board of directors and the Indiana University business school's advisory council. He received a bachelor's degree in accounting from the university in 1978.
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America's largest energy holding companies. Its electric utilities serve 8.2 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 51,000 megawatts of energy capacity. Its natural gas unit serves 1.6 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. The company employs 28,000 people.
Duke Energy is executing an aggressive clean energy strategy to create a smarter energy future for its customers and communities. The company has goals of at least a 50 percent carbon reduction from electric generation and net-zero methane emissions from its natural gas business by 2030, and net-zero emissions by 2050 from its electric and natural gas businesses, including Scopes 1, 2 and certain Scope 3 emissions. The company also is investing in major electric grid upgrades and expanded battery storage, and exploring zero-emitting power generation technologies such as hydrogen and advanced nuclear.
Duke Energy was named to Fortune's 2022 "World's Most Admired Companies" list and Forbes' "America's Best Employers" list. More information is available at duke-energy.com. The Duke Energy News Center contains news releases, fact sheets, photos and videos. Duke Energy's illumination features stories about people, innovations, community topics and environmental issues. Follow Duke Energy on Twitter, LinkedIn, Instagram and Facebook.
Media contact: 800-559-3853
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