Current Report · Items 5.02 · 8-K
PUGET ENERGY INC /WA
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Effective August 5, 2026, the sole shareholder of Puget Energy, Inc. and Puget Sound Energy, Inc. (together, the “Companies”) appointed and elected Stuart Lee to the boards of directors of the Companies (the “Boards”). Mr.…
Disclosure sections
Item 5.02Item 5.02 - Departure/Election of Directors
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective August 5, 2026, the sole shareholder of Puget Energy, Inc. and Puget Sound Energy, Inc. (together, the “Companies”) appointed and elected Stuart Lee to the boards of directors of the Companies (the “Boards”). Mr. Lee was appointed to replace Paul McMillan, who provided notice of his retirement from the Boards and as a member of the committees of the Boards on which he served, effective the same day. There were no disagreements between the Companies and Mr. McMillan that led to his decision to retire.
Mr. Lee is the former President and Chief Executive Officer of EPCOR Utilities Inc., where he served from 2015 until his retirement in May 2023. In that role, he led one of Canada’s largest municipally owned utilities, overseeing regulated electricity, natural gas, and water and wastewater businesses across Western Canada and Ontario, as well as a sizeable U.S. regulated water platform in Arizona, New Mexico, and Texas. Previously, Mr. Lee spent six years at Capital Power Corporation, where he held senior executive roles, including Chief Financial Officer and Senior Vice President, Corporate Development and Commercial Services. Mr. Lee also serves on the board of directors of Aecon Group Inc., a public company and Wolf Midstream, a private company.
Mr. Lee was selected by Alberta Investment Management Corporation (“AimCo”) and, pursuant to the Amended and Restated Bylaws of each of the Companies, will serve as an Owner Director on their respective Boards. The Boards have not yet determined the board committee or committees, if any, on which Mr. Lee will serve. The compensation offered to Mr. Lee for his service as a director will be the same as that offered to all non-employee independent board members of the Companies, pursuant to the director compensation schedule filed as Exhibit 10.32 to the Companies’ Annual Report on Form 10-K for the fiscal year ended December 31, 2025.