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Tata Steel Limited approves appointment of Mr. David W Crane as additional director

Posted On: 2021-10-11 23:44:10 (Time Zone: IST)


Based on the recommendations of the Nomination and Remuneration Committee, the Board of Directors of Tata Steel Limited ('the Company') today, i.e. October 11, 2021, unanimously approved the appointment of Mr. David W. Crane (DIN: 0009354737) as Additional Director (Non-Executive, Independent) with effect from October 11, 2021, subject to shareholders' approval. Mr. David W. Crane has also been appointed as a member of the Audit Committee and Safety, Health and Environment Committee effective October 11, 2021.

There are no inter-se relations between Mr. David W. Crane and the other members of the Board. Further, Mr. David W. Crane is not debarred from holding the office of Director by virtue of any Order passed by the Securities and Exchange Board of India or any other such authority.

David Crane is a prominent energy industry executive, both in the traditional and the clean energy sectors and a long-term climate advocate committed to leading the energy industry's transition to clean energy. Mr. Crane carries with him 13 years of aggregate experience as CEO of three publicly traded energy companies, International Power plc ("IPR"), NRG Energy, Inc. ("NRG"), and NRG Yield Inc. (now Clearway Energy Inc., or "Clearway Energy"), and over 30 years of experience in the energy sector.

During his 12-year tenure as CEO of NRG, Mr. Crane transformed the company into not only a Fortune 250 member, but also a purpose-driven enterprise committed to taking a leading role in the transition to a clean energy future. Specifically, Mr. Crane led the company through its evolution to become one of the nation's largest utility-scale renewables companies (Clearway Energy), a top-four home solar business (NRG Home Solar), the owner of the world's largest post-combustion carbon capture project (Petra Nova) and the nation's most extensive level 3 electric vehicle charging network (EVgo). Additionally, NRG, under Mr. Crane's leadership, was a key member of the U.S. Climate Action Partnership.

Mr. Crane also has decades of experience leading and executing complex, industry-defining transactions. At NRG, he was responsible for the company's acquisitions of Texas Genco LLC for $5.8 billion in 2005, GenOn Energy, Inc. for $1.7 billion in 2012, Green Mountain Energy Company for $350 million in 2010 and Edison Mission Energy for $2.6 billion in 2014. Mr. Crane also led NRG's transition to retail with the approximately $300 million acquisition of Reliant Energy in 2009, which resulted in the broader sector's pivot towards an integrated generation and retail platform. On the clean energy front, Mr. Crane pioneered the renewable-driven YieldCo equity class with the initial public offering of NRG Yield in 2012.

Prior to NRG, Mr. Crane was the CEO of International Power Plc, a UK-domiciled FTSE-100 company, an energy sector banker at Lehman Brothers Holdings Inc. in New York City and an attorney specialized in project finance and debt restructuring at White & Case LLP in New York City and Hong Kong.

Mr. Crane is a leading voice on climate change and the energy sector's role in reducing greenhouse gas emissions, having written extensively and spoken widely on the topic. He also serves as a leader of "B Team," a select group of business executives and society leaders convened to demonstrate that corporate leadership can be harnessed to solve global societal issues, and as a Board member of The Climate Group and the Elemental Excelerator Inc., an accelerator of clean tech start-ups.

Shares of Tata Steel Limited was last trading in BSE at Rs. 1313.60 as compared to the previous close of Rs. 1300.95. The total number of shares traded during the day was 861232 in over 6390 trades.

The stock hit an intraday high of Rs. 1326.75 and intraday low of 1298.20. The net turnover during the day was Rs. 1123068897.00.


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