Burwell nominated for election to board of directors of paper products company Kimberly-Clark

President Sylvia Burwell has been nominated to be elected to the board of directors of Kimberly-Clark, an office supplies and paper company, the company announced in a Press release March 7.

The board of directors will hold an election at the end of April at its annual meeting of shareholders.

Kimberly-Clark’s brand portfolio includes names such as Huggies and Kleenex. The company made more than $19 billion in revenue in 2021. At press time, the company’s shares were valued at $126.59 per share.

“We are excited about our plans to add Sylvia to the board,” Kimberly-Clark Chairman and CEO Mike Hsu wrote in the press release. “His diverse senior leadership experience in academia and the public sector, as well as his international perspective, will contribute to our board conversations as we execute our growth strategy and inspire our purpose-driven brands that are working to improve the lives of millions of people around the world.”

According to an email from a Kimberly-Clark spokesperson, Burwell will receive an annual retainer of $105,000. In addition, she will receive an annual grant of restricted stock units valued at $185,000. These amounts will be pro-rated to reflect a partial year of service for 2022, the spokesperson said. Based on 2021 compensation published in latest company report Annex 14A form, the provision increased by $100,000 and the restricted share units increased by $180,000.

“Our goals are to ensure that our director compensation keeps pace with evolving director compensation practices and enables Kimberly-Clark to effectively attract qualified candidates to serve on the board. wrote the spokesperson. “In addition, Kimberly-Clark reinforces a practice of encouraging share ownership for our directors by granting restricted stock units that are not paid out until the director leaves the board (this is not no ordinary shares). In this way, they align the interests of the director with the interests of our shareholders.

According to the Schedule 14A form, Burwell’s qualifications for the position include meeting the New York Stock Exchange’s financial literacy requirements, leadership experience as a senior executive, international experience, and providing ” a diversity of experiences and points of view drawn from his academic background and his extensive government experience. .”

Burwell currently does not serve on any publicly traded company boards. She sits on the board of directors of GuideWell Mutual Holding Corporation, a private mutual insurance company; the board of directors of the American Council of Education; and the Board of Directors of the Council on Foreign Relations.

American University spokeswoman Elizabeth Deal said the position was a personal obligation of Burwell, not an academic obligation.

“President Burwell will attend periodic meetings, in a personal capacity, which will not affect her service to the university. His appointment will not impact the university’s procurement procedures,” Deal wrote in an email to The Eagle.

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