TXU board member resigns to avoid appearance of conflict of interest

by PegNews wire

TXU announced that Dr. E. Gail de Planque has resigned from its board of directors to avoid any perception of a potential conflict of interest arising out of her historical professional relationships within the industry.

On the advice of outside counsel to both TXU and the Strategic Transactions Committee of the Board of Directors of TXU and the recommendation of the Board, Dr. de Planque recused herself from all discussions about the proposed merger announced February 26. In light of the expected continuing deliberations of the Board of Directors relating to the proposed transaction, Dr. de Planque decided that it was in the best interests of all parties concerned that she resign effective immediately.

Chair of the Nuclear Committee since October 2005 and a former commissioner of the U.S. Nuclear Regulatory Commission, Dr. de Planque has served on the TXU board since 2004. She also serves on the boards of BHP Billiton Plc, BHP Billiton Ltd., Northeast Utilities, and Landauer, Inc.

She'll be replaced as chair of TXU's Nuclear Committee by Dr. Jack Little, TXU's lead director and the former chief executive officer of Shell Oil Company.

Posted by T.G.