Nicholas Akins
DTE ENERGYAbout Nicholas K. Akins
Nicholas K. Akins, age 64, is an independent director of DTE Energy, serving since 2023. He is a retired Executive Chair of American Electric Power (AEP) and previously served as AEP’s President & CEO (2011–2022) and Board Chair (2014–2022). At DTE, Akins serves on the Nuclear Review Committee and the Public Policy & Responsibility Committee, bringing extensive CEO-level utility experience and oversight of cybersecurity in critical infrastructure .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| American Electric Power, Inc. | Retired Executive Chair | 2023 | Oversight of strategic transition post-CEO tenure |
| American Electric Power, Inc. | President & CEO | 2011–2022 | Led electric generation, transmission, distribution operations; strategic leadership |
| American Electric Power, Inc. | Board Chair | 2014–2022 | Board leadership on strategy and governance |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Fifth Third Bancorp | Director | 2013–present | Banking and risk oversight exposure |
| GE Vernova | Director | 2024–present | Energy equipment/technology exposure |
| American Electric Power, Inc. | Director | 2011–2023 | Governance and industry leadership |
Board Governance
- Independence: The Board affirmatively determined Akins is independent; only the CEO (Gerardo Norcia) is non-independent .
- Committee assignments: Nuclear Review; Public Policy & Responsibility .
- Attendance: The Board met seven times in 2024; all incumbent directors attended at least 82% of Board and relevant committee meetings (eight directors had 100% attendance). Individual director-level percentages are not disclosed .
- Executive sessions: Independent directors met in executive session at six of seven Board meetings in 2024, chaired by the Lead Independent Director .
- Anti-hedging/pledging: Directors are prohibited from hedging or pledging Company stock, supporting shareholder alignment .
- Indemnification: DTE maintains director indemnification agreements and D&O insurance coverage (aggregate $255 million) .
| Committee | Role | 2024 Meetings | Key Oversight Areas |
|---|---|---|---|
| Nuclear Review | Member | 6 | Non-management oversight of nuclear program; safety, compliance, KPI trends; regulatory change impacts |
| Public Policy & Responsibility | Member | 5 | ESG oversight; regulatory strategy; political/lobbying activities; safety and public policy; annual political giving review |
Fixed Compensation
| Component (2024) | Amount ($) | Notes |
|---|---|---|
| Board retainer | 120,000 | Standard cash retainer for non-employee directors |
| Orientation/mentor fees | 5,000 | New Member Orientation/Mentor Program fees |
| Committee/lead retainer | — | No chair/lead retainer for Akins in 2024 |
| Fees earned or paid in cash (total) | 125,000 | Sum of cash components above |
| All other compensation | 158 | Life insurance premium and matched charitable gifts |
Program structure (effective Jan 1, 2025): Cash retainer $120,000; Lead Independent Director retainer $35,000; committee chair retainers $25,000 (Audit) and $20,000 (Nuclear Review, Org & Comp, Corporate Governance, Finance, Public Policy); orientation/mentor fees $1,250/$750 per quarter .
Performance Compensation
| Equity Element | Grant Value/Terms | Instruments | Vesting/Deferral | Detail |
|---|---|---|---|---|
| Annual phantom share grant (May 2, 2024) | $160,000 | Phantom shares | 100% vested at grant; minimum one-year payment deferral | 1,430 phantom shares granted at $111.91 closing price |
| Initial election grant | N/A (shares) | Restricted stock (1,000 shares) | 3-year vesting | Applies upon first election to Board |
Performance metrics for director equity: None disclosed; director equity is time-based (phantom shares and restricted stock), not tied to operating metrics (e.g., EBITDA, TSR) .
Outstanding director equity as of 12/31/2024:
| Instrument | Quantity |
|---|---|
| Phantom shares (equity plan) | 1,454 |
| Restricted stock | 1,000 |
Other Directorships & Interlocks
| Company | Relationship to DTE | Notes |
|---|---|---|
| Fifth Third Bancorp | Public company board seat | No related-party transactions disclosed with DTE; Board determined independence |
| GE Vernova | Public company board seat | No related-party transactions disclosed with DTE; Board determined independence |
| AEP (prior) | Former public company board/executive | Historical role; not an interlock with DTE |
- Related-party transactions: DTE’s Corporate Governance and Audit Committees review related-person transactions; no material relationships were identified affecting director independence (Akins included) .
- Board policy limits: Directors employed by public companies limited to ≤2 boards; other directors limited to ≤4 boards. Akins, as a retired executive, currently holds two public company directorships (within policy) .
Expertise & Qualifications
- CEO experience: Extensive executive leadership in the utility sector (AEP President & CEO; Board Chair) .
- Energy industry expertise: Broad experience across generation, transmission, and distribution .
- Technology and cybersecurity: Oversight of cyber-related activities in business systems and critical infrastructure .
- Board skills matrix shows strong governance, strategy, risk management capabilities across the Board; Akins contributes significantly on energy, risk, and CEO leadership dimensions .
Equity Ownership
| Category (as of 12/31/2024) | Shares |
|---|---|
| Common stock | 1,056 |
| Phantom stock | 1,454 |
| Options/Other shares acquirable | — (none) |
- Restricted stock outstanding: 1,000 shares (initial election grant) .
- Ownership %: No director or executive officer beneficially owns ≥1% of outstanding common stock .
- Pledging/hedging: Prohibited for all directors/officers; reduces alignment risk .
- Stock ownership guidelines: Within five years of initial election, directors must hold Company stock valued at 2× (annual cash retainer + annual phantom stock value); based on 2025 program, minimum $560,000. All directors met initial ownership requirement as of 12/31/2024; five-year requirement applies to those with ≥5 years of service (Akins elected 2023) .
Governance Assessment
- Strengths: Independent status; service on safety-critical Nuclear Review and ESG/regulatory-focused Public Policy & Responsibility committees; robust attendance at Board level; strong anti-hedging/pledging framework; majority equity director compensation; clear ownership guidelines promoting alignment .
- Compensation mix: For directors, >50% of annual compensation delivered in equity (phantom shares), aligning director incentives with shareholder outcomes; Akins received $160,000 in phantom shares in 2024 vs. $125,000 cash fees .
- Potential conflicts: None identified; Board explicitly found no material relationships affecting independence. Related-party transaction review processes are in place via Governance and Audit Committees .
- RED FLAGS: None disclosed regarding pledging/hedging, related-party transactions, attendance shortfalls, or pay anomalies. Individual attendance percentages not disclosed; Board-level data indicates robust participation .
Implications: Akins’ deep utility sector and cybersecurity oversight experience is accretive to DTE’s risk oversight (nuclear operations, ESG/regulatory strategy). Compensation and ownership structures support alignment; absence of conflicts and hedging/pledging prohibition bolster investor confidence .