Dominion Energy Strengthens Board with Election of Jeff Lyash, Reinforcing Governance Commitment

RICHMOND, Va. – Dominion Energy, Inc. (NYSE: D) today announced a significant step in its ongoing commitment to robust corporate governance and strategic board refreshment with the election of Jeffrey J. “Jeff” Lyash as a new independent director, effective June 25, 2025. This appointment underscores Dominion Energy's proactive approach to ensuring its board possesses a diverse range of expertise and perspectives crucial for navigating the evolving energy landscape.

Lyash, 63, brings a wealth of experience to Dominion Energy's board, particularly in the energy sector. His election is not an isolated event but rather a continuation of a deliberate strategy initiated by the company to enhance its governance structure. Since 2019, Dominion Energy has added seven new independent directors, significantly lowering the average tenure for the entire board to 7.4 years. This systematic refreshment process aims to inject fresh insights and maintain a dynamic board composition that can effectively oversee the company's long-term strategic objectives and respond to industry challenges.

Strategic Importance of Board Refreshment

Board refreshment is a critical component of strong corporate governance, particularly for large, publicly traded utilities like Dominion Energy. A well-composed board with diverse skills, experiences, and viewpoints is essential for effective oversight, strategic planning, and risk management. The addition of new independent directors like Lyash helps to prevent stagnation, introduces new perspectives on complex issues such as energy transition, regulatory compliance, and technological innovation, and ensures the board remains aligned with shareholder interests.

Dominion Energy's consistent effort to refresh its board demonstrates a commitment to best practices in corporate governance. This proactive stance can enhance investor confidence, signaling that the company is dedicated to maintaining high standards of accountability and strategic foresight. The average tenure of 7.4 years reflects a healthy balance between institutional knowledge and the infusion of new ideas, a balance often sought by institutional investors and governance advocates.

Jeff Lyash's Role and Expertise

Upon joining the board, Jeff Lyash is expected to serve on the board's Safety, Health and Environmental Committee, a crucial area for any energy company. His background and expertise will be invaluable in guiding Dominion Energy's initiatives in these critical operational aspects. While the full scope of his committee assignments will be detailed in forthcoming regulatory filings, his initial placement highlights the company's focus on operational excellence and responsible energy production.

Lyash's appointment is particularly timely as Dominion Energy continues to execute its strategic plan, which includes significant investments in renewable energy, grid modernization, and the responsible transition away from fossil fuels. His experience in large-scale energy operations and strategic leadership will undoubtedly contribute to the board's ability to provide effective oversight and guidance on these complex and capital-intensive projects.

Market Context and Implications for Investors

For investors, the election of a new independent director like Jeff Lyash at Dominion Energy is a positive signal. It reinforces the company's commitment to strong corporate governance, which is often correlated with long-term shareholder value creation. In the utility sector, where regulatory environments and capital expenditures play a significant role, a stable and experienced board is paramount.

This move aligns with broader market trends where investors are increasingly scrutinizing environmental, social, and governance (ESG) factors. A well-governed company with a refreshed and diverse board is often viewed more favorably by ESG-focused funds and institutional investors. For Dominion Energy (D) shareholders, this news suggests a continued focus on prudent management and strategic direction, potentially contributing to the stock's stability and long-term growth prospects.

Investors should view this as a reinforcing factor for Dominion Energy's operational stability and strategic execution. While a single board appointment typically doesn't cause significant stock price movements, it contributes to the overall narrative of a well-managed company. It's a piece of the puzzle that helps build confidence in the company's leadership and its ability to navigate future challenges and opportunities in the energy sector.

Investment Insights

• Long-Term Stability: The consistent board refreshment strategy suggests a commitment to long-term stability and adaptability, which is attractive for income-focused and long-term investors in the utility sector.
• ESG Alignment: Strong governance practices, as evidenced by board refreshment, enhance Dominion Energy's appeal to ESG-conscious investors, potentially broadening its investor base.
• Operational Oversight: Lyash's expected role on the Safety, Health and Environmental Committee indicates a continued focus on operational excellence and risk management, crucial for a utility company.
• Due Diligence: Investors should continue to monitor Dominion Energy's strategic initiatives, financial performance, and regulatory developments, but this governance move is a positive indicator.

In conclusion, Jeff Lyash's election to Dominion Energy's board is a strategic move that strengthens the company's governance framework and reinforces its commitment to best practices. This ongoing board refreshment process positions Dominion Energy for continued success in a dynamic energy market, benefiting shareholders through enhanced oversight and strategic direction.