Linda Sullivan
Director at PPL
Board
About Linda Sullivan
Linda G. Sullivan (age 61) is an independent director of PPL Corporation, serving since January 2023. She is the retired Chief Financial Officer and Executive Vice President of American Water Works Company Inc. and previously served as CFO and Senior Vice President of Southern California Edison; she is a Certified Public Accountant (inactive), a Certified Management Accountant, and holds the NACD Directorship Certification. Her background includes leadership of technology, cyber and physical security, supply chain, R&D, and environmental compliance functions in regulated utilities, with a record of driving growth and improving TSR at American Water .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| American Water Works Company Inc. | Chief Financial Officer and Executive Vice President | 2014–2019 | Led finance; oversaw technology, cyber/physical security, supply chain, R&D, and environmental compliance; company experienced significant growth and TSR increase . |
| Southern California Edison Company | Chief Financial Officer and Senior Vice President | 2009–2014 | Senior finance leadership in regulated utility operations . |
| Edison International subsidiaries | Various leadership roles | ~20+ years (prior to 2009) | Broad leadership across one of the largest U.S. electric utility holding companies . |
| Arthur Andersen LLP | Senior Auditor | Prior to Edison | Public accounting foundation (CPA inactive) . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| NorthWestern Energy Group, Inc. (d/b/a NorthWestern Energy) | Non-executive Independent Board Chair | Appointed April 2024 | Current public company role; industry interlock in regulated utilities . |
| AltaGas Ltd. | Independent Director | 2020–2024 | Prior public company board service . |
Board Governance
- Committee assignments: Audit Committee and People and Compensation Committee (independent) .
- Independence: The Board determined nine non-employee directors, including Ms. Sullivan, are independent under NYSE standards; no facts or circumstances impair independence in 2025 .
- Attendance: Each director attended at least 75% of Board/committee meetings in 2024; average attendance was 99%; six Board meetings and 25 total Board+committee meetings were held .
- Audit expertise: All Audit Committee members are designated “audit committee financial experts” by the Board, indicating deep financial oversight competency .
- Executive sessions: Independent directors meet without management during each regularly scheduled Board meeting; independent Chair presides .
Fixed Compensation
| Component | 2024 Amount (USD) | Detail |
|---|---|---|
| Annual cash retainer | $125,000 | Non-employee director cash retainer; paid quarterly unless deferred under DDCP . |
| Equity – Deferred Stock Units (DSUs) | $160,000 | Mandatorily deferred portion of annual retainer in DSUs; fully vested on grant; dividends accrue as DSUs, payable post-retirement . |
| Committee chair fees | $0 | No chair role for Ms. Sullivan in 2024; chair fees apply only to designated chairs . |
| All other compensation | $0 | No other compensation disclosed for Ms. Sullivan . |
| Total 2024 director compensation | $285,000 | Sum of cash and stock awards . |
- Mix: Cash 44% ($125k) and equity 56% ($160k), derived from disclosed amounts .
Performance Compensation
| Performance-linked element | Terms | Notes |
|---|---|---|
| None disclosed for non-employee directors | N/A | Director compensation consists of cash retainer and DSUs; proxy does not describe director performance-based pay (options/PSUs) . |
Other Directorships & Interlocks
| Company | Role | Committee roles elsewhere | Potential interlock considerations |
|---|---|---|---|
| NorthWestern Energy Group, Inc. | Non-executive Independent Board Chair | Not disclosed in PPL proxy | Same-industry network; monitor for related-party transactions or information flow; PPL reports no material related-party transactions with directors . |
| AltaGas Ltd. | Independent Director (prior) | Not disclosed | Prior industry experience; no active interlock risk post-2024 . |
- Outside board policy: PPL limits directors to ≤3 other public boards (≤1 if public company CEO) and Audit Committee members to ≤2 other audit committees beyond PPL; directors must pre-notify Corporate Secretary and GNSC; supports time-commitment oversight .
Expertise & Qualifications
- Regulated utility finance and risk: CFO roles at American Water and Southern California Edison; significant regulated industry experience .
- Technology and cybersecurity: Led tech, cyber and physical security operations; brings digitalization and cyber oversight skills .
- Governance credentials: NACD Directorship Certification; CPA (inactive) and CMA .
- Risk management, capital markets, and accounting: Identified skills in PPL’s director qualifications schema .
Equity Ownership
| Measure | Value | Notes |
|---|---|---|
| Beneficial ownership (as of Mar 3, 2025) | 13,080 shares (stock units) | Consists of DSUs credited under DDCP (footnote) . |
| DSUs outstanding (as of Dec 31, 2024) | 11,666 units | Includes dividend equivalents; fully vested; payable post-retirement . |
| Ownership guidelines | 5x annual cash retainer; within 5 years of election | Ms. Sullivan is on track to meet guidelines within required period . |
| Anti-hedging/anti-pledging policy | Yes | Insider trading policy prohibits hedging and pledging, reducing alignment risk . |
Governance Assessment
- Board effectiveness: Sullivan adds deep regulated-utility finance, cyber, and technology oversight to Audit and Compensation committees; AC “financial expert” designation strengthens financial reporting and risk oversight .
- Independence and attendance: Independent status affirmed; high attendance culture (average 99%) and no directors below 75% mitigate engagement concerns .
- Alignment: Director equity ownership guidelines (5x cash retainer) with DSU deferral structure and anti-hedging/anti-pledging policy support skin-in-the-game and alignment; Sullivan is on track for compliance .
- Compensation structure: Simple, transparent mix (cash retainer plus DSUs) without performance-linked metrics for directors; FW Cook reviews director pay versus utility and general industry peers, indicating independent benchmarking .
- Conflicts/related party: PPL discloses no related-party transactions involving directors; GNSC oversees and prohibits any inconsistent transactions; current disclosures show no red flags for Sullivan .
- Watch items: Same-industry chair role at NorthWestern Energy creates a network interlock; monitor for any transactions or competitive overlaps, audit committee load, and time-commitment risk, though current policies and independence determination mitigate concerns .
RED FLAGS: None disclosed for Linda Sullivan (no related-party transactions; anti-hedging/pledging policy; strong independence and attendance) .