Devin Stockfish
XCEL ENERGYAbout Devin Stockfish
Devin W. Stockfish (age 51) joined Xcel Energy’s Board on Jan. 23, 2025 and serves as an independent director. He is President and CEO of Weyerhaeuser Company and sits on its board; his background spans corporate strategy, finance, legal and regulatory issues, with prior roles at Univar, Starbucks, K&L Gates, and Boeing. He holds a JD from Columbia Law School and a BS in Mechanical Engineering from the University of Colorado .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Weyerhaeuser Company | President & CEO; Director | 2019–present | Leads capital‑intensive operations; governance experience . |
| Weyerhaeuser | SVP Timberlands | 2018–2018 | Operational leadership in timberlands . |
| Weyerhaeuser | VP Western Timberlands | 2017–2017 | Led WA/OR operations . |
| Weyerhaeuser | SVP, General Counsel & Corporate Secretary | 2014–2016 | Corporate governance, legal . |
| Univar Solutions LLC | VP & Associate General Counsel | 2010–2013 | M&A, governance, securities . |
| Starbucks Corp. | Attorney, Law Dept. | 2007–2010 | Corporate legal . |
| K&L Gates LLP | Corporate Associate | 2002–2007 | Corporate law . |
| Boeing Co. | Mechanical Engineer | 1996–1999 | Engineering experience . |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Weyerhaeuser Company | Director | 2019–present | Public company director . |
| National Alliance of Forest Owners (NAFO) | Chair, Board of Directors | — | Industry association leadership . |
Board Governance
| Attribute | Details |
|---|---|
| Independence | Xcel’s Board determined all directors except the CEO are independent; Stockfish is a non‑employee director and therefore independent under Nasdaq/SEC standards . |
| Committees | Finance Committee; Operations, Nuclear, Environmental & Safety (ONES) Committee . |
| Committee responsibilities | Finance oversees capital structure, major projects, dividend policy, investor relations; ONES oversees nuclear strategy/operations, environment/safety, customer service, physical/cybersecurity, wildfire risk . |
| Chair roles | Not a chair; Finance Chair is Richard O’Brien; ONES Chair is Charles Pardee . |
| Attendance | Board met 5 times in 2024; average director attendance ~99% (11 directors at 100%). Stockfish joined in 2025; 2025 attendance not yet disclosed . |
| Lead Independent Director transition | Kim Williams retiring; Patricia Kampling to assume Lead Independent Director at 2025 meeting . |
| Risk focus | Board heightened focus on wildfire, nuclear operations, pipeline safety, cybersecurity; ONES and Audit share oversight on cyber; Board drills for emergency response . |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual Cash Retainer (Non‑employee director) | $125,000 | Paid quarterly; directors may defer cash into stock equivalent units with a 20% premium . |
| Lead Independent Director Retainer | $35,000 | Applies to the lead independent director (not Stockfish) . |
| Committee Chair Retainers | Audit $25,000; Finance $20,000; GCN $25,000; ONES $20,000 | Chairs only; Stockfish is not a chair . |
| Audit Committee Member Retainer | $10,000 | Member retainer applies to Audit; Finance/GCN/ONES member retainers not disclosed beyond chair amounts . |
Performance Compensation
| Equity Program Mechanics | Details |
|---|---|
| Annual Equity Grant | Approximately $170,000; example 3,061 shares or stock equivalent units granted to directors post‑annual meeting. For 2024, $170k on first business day after annual meeting; similar structure expected in 2025 . |
| Deferral | Directors can elect stock equivalent units in lieu of cash/equity; deferrals receive 20% premium; units accrue dividend equivalents and are distributed after service ends (or accelerated upon change in control, disability or death) . |
| Plans | 2024 Equity Incentive Plan authorizes director stock equivalent units; no options outstanding for directors; hedging and pledging prohibited . |
Other Directorships & Interlocks
| Company | Role | Sector Overlap / Notes |
|---|---|---|
| Weyerhaeuser Company | CEO & Director | Forestry/wood products; no related‑party transactions required to be reviewed in 2024; Board annually reviews independence and potential interlocks . |
| NAFO | Chair | Industry group; policy/advocacy role . |
Expertise & Qualifications
- CEO experience in capital‑intensive, regulated-adjacent industry; corporate strategy and finance expertise .
- Legal/regulatory experience as former General Counsel and corporate attorney; governance acumen .
- Engineering background from Boeing; BS in Mechanical Engineering .
- Education: JD (Columbia Law School); BS Mechanical Engineering (University of Colorado) .
Equity Ownership
| Holder | Common Stock | Stock Equivalents | Total Beneficially Owned | Notes |
|---|---|---|---|---|
| Devin Stockfish (as of Mar. 24, 2025) | 2,170 | 837 | 3,007 | Directors are subject to stock ownership guidelines of 7x cash retainer, to be met within 5 years; no pledging; hedging prohibited . |
Insider Trades (Form 3/4 – 2025)
| Filing Date | Transaction Date | Form | Type | Shares | Price | Post‑transaction Ownership | SEC Filing |
|---|---|---|---|---|---|---|---|
| 2025‑01‑27 | 2025‑01‑23 | 3 | Initial filing | — | — | No securities beneficially owned | |
| 2025‑01‑27 | 2025‑01‑23 | 4 | Award (A) | 836.709 | $0.00 | 836.709 | |
| 2025‑03‑12 | 2025‑03‑11 | 4 | Purchase (P) | 2,170 | $68.93 | 3,006.709 | |
| 2025‑05‑23 | 2025‑05‑22 | 4 | Award (A) | 2,431.35 | $0.00 | 5,444.86 |
Governance Assessment
- Independence and committee alignment: Stockfish is independent and placed on Finance and ONES—committees central to Xcel’s capital allocation, nuclear/operational safety, cybersecurity, and wildfire risk oversight, enhancing board effectiveness in current risk priorities .
- Ownership alignment: Personal open‑market purchase of 2,170 shares in March 2025 signals skin‑in‑the‑game; additional equity awards increased alignment. Directors must reach 7x retainer within five years; pledging prohibited; hedging prohibited .
- Engagement and attendance: While Stockfish joined in 2025, Xcel’s board demonstrates strong engagement with ~99% average attendance in 2024 and regular executive sessions; board conducts risk drills and external expert engagement, supporting robust oversight culture .
- Potential conflicts/related parties: No related‑party transactions required review in 2024; board annually assesses independence and interlocks. Weyerhaeuser’s sector differs from Xcel’s regulated utility operations, reducing direct commercial conflict risk; ongoing monitoring appropriate .
- Director compensation structure: Mix of cash retainer and equity grant (~$170k) plus optional deferrals with a 20% premium aligns interests with shareholders without performance metrics that could misalign director independence; no retirement benefits, and compensation set with independent consultant Meridian .
RED FLAGS: None disclosed relating to hedging/pledging, related‑party transactions, or attendance. Continued monitoring for any future interlocks or transactions with Weyerhaeuser is prudent .