DETROIT – DTE Energy has named the Board of Director for DT MidStream, the 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.
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
“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.