Nneka Rimmer
Director at CEG
Board
About Nneka Rimmer
Independent director of Constellation Energy Corporation (CEG); age 53; joined the Board in November 2022. Former President, Global Flavors & Extracts at McCormick & Company and the first Black female partner at Boston Consulting Group (BCG), with deep strategy, M&A, and transformation credentials. Serves on Audit & Risk and Nuclear Oversight committees, and is designated by the Board as an “audit committee financial expert.” Attendance for 2024 Board and committee meetings was 100% across all directors .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| McCormick & Company, Inc. | President, Global Flavors & Extracts | Until retirement in 2021 | Senior leadership of a global consumer manufacturer |
| McCormick & Company, Inc. | SVP, Business Transformation | 2019–2020 | Led transformation initiatives |
| McCormick & Company, Inc. | SVP, Strategy & Global Enablement | 2017–2019 | Strategy execution and enablement |
| McCormick & Company, Inc. | SVP, Corporate Strategy & Development | 2015–2017 | Led M&A and corporate strategy |
| Boston Consulting Group | Partner (first Black female partner) | ~15 years prior to McCormick | Advised Fortune 100 C-suites/boards on growth, M&A, talent, change; leadership across consumer, retail, public sector, strategy practices |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Energizer Holdings, Inc. | Independent Director | Since 2018 | Audit and Human Capital Committees |
| Wellness Pet LLC (PE-owned) | Director | Current | Board service at private consumer company |
| University of Maryland, Baltimore | Trustee | Current | Governance/stewardship of academic institution |
Board Governance
- Committee assignments: Audit & Risk; Nuclear Oversight .
- Audit committee financial expert designation: Board determined Ms. Rimmer qualifies, along with other members .
- Independence: Board affirmed independence of all non-employee directors and all committee members under Nasdaq/SEC standards .
- Attendance and engagement: Board held 6 meetings (100% attendance); Audit & Risk held 5; Nuclear Oversight held 4 (with multiple site visits to nuclear facilities, indicating strong operational oversight) .
- Board structure: Classified board being declassified by 2026; all directors to stand for annual election thereafter .
Fixed Compensation
| Component | 2024 Amount ($) | Notes |
|---|---|---|
| Annual Board retainer (cash) | $125,000 | Standard for non-employee directors |
| Nuclear Oversight member retainer | $20,000 | All members, including the chair, receive $20,000 |
| Total cash fees (2024) | $145,000 | Sum of roles; no meeting fees |
Performance Compensation
| Instrument | Granting method | Vesting/Settlement | 2024 Grant Value ($) | Outstanding Units |
|---|---|---|---|---|
| Deferred Stock Units (DSUs) | Credited quarterly based on closing price on dividend dates; dividend equivalents reinvested | Settled in shares at distribution per director election (age 65/72 or departure) | $170,000 (aggregate 2024 stock awards) | 2,900 DSUs as of 12/31/2024 |
- Performance metrics: None used in director equity compensation; DSUs are time-based, with dividend equivalents, not performance-conditioned .
- 2025 change: Moving to annual-in-advance grants with option to receive RSUs vesting after one year or continue deferral; aligns to market practice .
Other Directorships & Interlocks
| Relationship | Potential Interlock/Context | Note |
|---|---|---|
| Prior employer overlap | Robert J. Lawless (former Chairman/CEO, McCormick) and Ms. Rimmer (former McCormick executive) | Shared McCormick background; Board independence affirmed; no related person transactions disclosed in 2024 |
Expertise & Qualifications
- Finance and audit: Audit committee financial expert designation; risk management oversight experience .
- Strategy & M&A: Led corporate strategy/development at McCormick and BCG; extensive growth/M&A background .
- Operations and transformation: Senior roles in business transformation and enablement at McCormick .
Equity Ownership
| Holder | Beneficially Owned Shares | % of Shares Outstanding | Notes |
|---|---|---|---|
| Nneka Rimmer | 2,900 | ~0.0009% (2,900 / 313,309,685) | Includes DSUs per ownership methodology |
| Director ownership guidelines | 5x annual cash retainer | Compliance window: within 5 years of initial election | Applies; initial election Nov 2022 → deadline Nov 2027 |
- Hedging/pledging: Prohibited for directors and employees (short sales, options, derivatives, pledging) under insider trading policy; enhances alignment .
Governance Assessment
-
Strengths
- Independent director with audit financial expert designation; sits on risk-critical committees (Audit & Risk; Nuclear Oversight) .
- Full attendance; Nuclear Oversight’s site-based meetings signal hands-on operational oversight .
- Director pay structure balanced with modest cash and equity; no meeting fees; option to move to RSUs in 2025 improves clarity and alignment .
- No related person transactions in 2024; committee independence and use of independent consultants; clawbacks and no hedging/pledging policies enhance governance .
-
Watch items
- Minimal current ownership by share count; guidelines provide five years to reach 5x retainer—monitor progress toward guideline compliance by November 2027 .
- Soft network tie via McCormick background with another director (Lawless); not a disclosed conflict but merits awareness for independence optics; Board independence affirmed .
-
RED FLAGS
- None disclosed: No related party transactions; no hedging/pledging; no attendance shortfalls; no director-specific perquisites for Ms. Rimmer reported in 2024 .