Evergy Chairman Mark Ruelle to Retire; Evergy President and CEO David Campbell to Serve as Chairman of the Board

Rhea-AI Summary

Evergy, Inc. (EVRG) announced that Mark Ruelle will retire from the board of directors and chairman role, with David Campbell nominated to take over. Ruelle's leadership post-merger has positively impacted the company. Campbell, the current president and CEO, will assume the chairman role. Additionally, Thomas D. Hyde will retire as lead independent director, with B. Anthony Isaac taking over.

KANSAS CITY, Mo.--(BUSINESS WIRE)-- Evergy, Inc. (NASDAQ: EVRG) announced today that Mark Ruelle will not stand for reelection at Evergy’s annual meeting on May 7, 2024 as he retires from Evergy’s board of directors and his role as chairman at the end of his term. David Campbell, Evergy’s president and chief executive officer, has been nominated by the board of directors to assume the role of chairman of the board following Evergy’s annual meeting.

Ruelle has served as non-executive chairman of the board since 2018, when predecessor companies Westar Energy, Inc. and Great Plains Energy merged to form Evergy. Prior to the merger, he served as a member of the board of directors, president and chief executive officer of Westar Energy since August 2011.

“Mark has provided outstanding leadership as chairman of our board for the past six years since the merger that created Evergy,” Campbell said. “His vision and experience had a significant positive impact on the company’s success, and he has served as a highly valued partner and mentor. We thank Mark for his more than 30 years of exceptional service and leadership at both Westar and Evergy and congratulate him as he begins his next chapter.”

Campbell has served as Evergy’s president and CEO since January 2021 and will add the role of chairman of the board of directors to his responsibilities following the company’s annual meeting.

Ruelle, who led the search committee that recruited Campbell to Evergy, noted, “Evergy, our employees, customers, communities and shareholders are in great hands with David at the helm. It’s appropriate that he lead the company moving forward in the combined roles of chairman, president and chief executive officer.”

“It’s been an honor to serve Evergy and its predecessor companies for more than three decades,” Ruelle continued. “Seeking out and making a living in this industry, with this company, was my good fortune. Nothing in a career is so gratifying as to work alongside highly skilled craftsmen and women and dedicated business professionals to provide a service that none of us can imagine living without.”

Additionally, Thomas D. Hyde, Evergy’s current lead independent director, will not stand for reelection this year as he also retires from the board in May following 12 years of service. B. Anthony Isaac, longstanding board member from Wichita, has been selected by the board of directors to step into the role of lead independent director.

“Tom’s vast career experience informed the judgment and wisdom that he contributed to all of our board deliberations,” Campbell said. “We thank Tom for the leadership and counsel he provided to our board and management and welcome Tony to his new role as lead independent director.”

These changes will be reflected in the board of directors slate that will be submitted for approval at the company’s annual meeting in May 2024 and take effect following the annual meeting if approved by the shareholders.

About Evergy

Evergy, Inc. (NASDAQ: EVRG), serves 1.7 million customers in Kansas and Missouri. Evergy’s mission is to empower a better future. Our focus remains on producing, transmitting and delivering reliable, affordable, and sustainable energy for the benefit of our stakeholders. Today, about half of Evergy’s power comes from carbon-free sources, creating more reliable energy with less impact to the environment. We value innovation and adaptability to give our customers better ways to manage their energy use, to create a safe, diverse and inclusive workplace for our employees, and to add value for our investors. Headquartered in Kansas City, our employees are active members of the communities we serve.

For more information about Evergy, visit us at www.evergy.com.

Forward Looking Statements

Statements made in this document that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. Forward-looking statements include, but are not limited to, statements relating to Evergy's strategic plan, including, without limitation, those related to earnings per share, dividend, operating and maintenance expense and capital investment goals; the outcome of legislative efforts and regulatory and legal proceedings; future energy demand; future power prices; plans with respect to existing and potential future generation resources; the availability and cost of generation resources and energy storage; target emissions reductions; and other matters relating to expected financial performance or affecting future operations. Forward-looking statements are often accompanied by forward-looking words such as "anticipates," "believes," "expects," "estimates," "forecasts," "should," "could," "may," "seeks," "intends," "proposed," "projects," "planned," "target," "outlook," "remain confident," "goal," "will" or other words of similar meaning. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information.

In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Evergy Companies are providing a number of risks, uncertainties and other factors that could cause actual results to differ from the forward-looking information. These risks, uncertainties and other factors include, but are not limited to: economic and weather conditions and any impact on sales, prices and costs; changes in business strategy or operations; the impact of federal, state and local political, legislative, judicial and regulatory actions or developments, including deregulation, re-regulation, securitization and restructuring of the electric utility industry; decisions of regulators regarding, among other things, customer rates and the prudency of operational decisions such as capital expenditures and asset retirements; changes in applicable laws, regulations, rules, principles or practices, or the interpretations thereof, governing tax, accounting and environmental matters, including air and water quality and waste management and disposal; the impact of climate change, including increased frequency and severity of significant weather events and the extent to which counterparties are willing to do business with, finance the operations of or purchase energy from the Evergy Companies due to the fact that the Evergy Companies operate coal-fired generation; prices and availability of electricity and natural gas in wholesale markets; market perception of the energy industry and the Evergy Companies; the impact of future pandemic health events on, among other things, sales, results of operations, financial position, liquidity and cash flows, and also on operational issues, such as supply chain issues and the availability and ability of the Evergy Companies' employees and suppliers to perform the functions that are necessary to operate the Evergy Companies; changes in the energy trading markets in which the Evergy Companies participate, including retroactive repricing of transactions by regional transmission organizations (RTO) and independent system operators; financial market conditions and performance, disruptions in the banking industry, including volatility in interest rates and credit spreads and in availability and cost of capital and the effects on derivatives and hedges, nuclear decommissioning trust and pension plan assets and costs; impairments of long-lived assets or goodwill; credit ratings; inflation rates; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual commitments; impact of physical and cybersecurity breaches, criminal activity, terrorist attacks, acts of war and other disruptions to the Evergy Companies' facilities or information technology infrastructure or the facilities and infrastructure of third-party service providers on which the Evergy Companies rely; impact of geopolitical conflicts on the global energy market; ability to carry out marketing and sales plans; cost, availability, quality and timely provision of equipment, supplies, labor and fuel; impacts of tariffs; ability to achieve generation goals and the occurrence and duration of planned and unplanned generation outages; delays and cost increases of generation, transmission, distribution or other projects; the Evergy Companies' ability to manage their transmission and distribution development plans and transmission joint ventures; the inherent risks associated with the ownership and operation of a nuclear facility, including environmental, health, safety, regulatory and financial risks; workforce risks, including those related to the Evergy Companies' ability to attract and retain qualified personnel, maintain satisfactory relationships with their labor unions and manage costs of, or changes in, wages, retirement, health care and other benefits; disruption, costs and uncertainties caused by or related to the actions of individuals or entities, such as activist shareholders or special interest groups, that seek to influence Evergy's strategic plan, financial results or operations; the impact of changing expectations and demands of the Evergy Companies' customers, regulators, investors and stakeholders, including heightened emphasis on environmental, social and governance concerns; the possibility that strategic initiatives, including mergers, acquisitions and divestitures, and long-term financial plans, may not create the value that they are expected to achieve in a timely manner or at all; difficulties in maintaining relationships with customers, employees, regulators or suppliers; and other risks and uncertainties.

This list of factors is not all-inclusive because it is not possible to predict all factors. You should also carefully consider the information contained in the Evergy Companies' other filings with the Securities and Exchange Commission (SEC). Additional risks and uncertainties are discussed from time to time in current, quarterly and annual reports filed by the Evergy Companies with the SEC. New factors emerge from time to time, and it's not possible for the Evergy Companies to predict all such factors, nor can the Evergy Companies assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. Given these uncertainties, undue reliance should not be placed on these forward-looking statements. The Evergy Companies undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240308954979/en/

Investor Contact:

Pete Flynn

Director, Investor Relations

Phone: 816-652-1060

Peter.Flynn@evergy.com



Media Contact:

Gina Penzig

Director, Corporate Communications

Phone: 785-508-2410

Gina.Penzig@evergy.com

Media line: 888-613-0003

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Source: Evergy, Inc.

FAQ

Who is retiring from Evergy's board of directors and chairman role?

Mark Ruelle is retiring from Evergy's board of directors and chairman role.

Who has been nominated to assume the role of chairman of the board at Evergy?

David Campbell has been nominated to assume the role of chairman of the board at Evergy.

Who will retire as lead independent director at Evergy?

Thomas D. Hyde will retire as lead independent director at Evergy.

Who will take over as lead independent director at Evergy?

B. Anthony Isaac will take over as lead independent director at Evergy.

When will these changes in the board of directors take effect at Evergy?

These changes will take effect following Evergy's annual meeting in May 2024 if approved by the shareholders.