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First Horizon Corp. (NYSE:FHN) announced Monday that its board of directors has elected Sital K. Mody as a new member, effective immediately. The appointment also expands the board’s size from 13 to 14 directors, following a unanimous board amendment to the company’s bylaws.
Mr. Mody, age 54, is currently the President of the Natural Gas Pipelines Group and a Vice President at Kinder Morgan, Inc., a publicly traded energy infrastructure company based in Houston, Texas. Since 2023, he has overseen all commercial and operational activities for Kinder Morgan’s Natural Gas Pipelines Group. Previously, he served as President of the company’s Midstream Group from 2018 to 2023, and joined Kinder Morgan through its 2012 acquisition of El Paso Corporation, where he had held various roles since 2001. Earlier in his career, Mr. Mody held positions at Deloitte, Tenneco Inc., and The Coca Cola Company between 1992 and 2001.
According to the company’s statement, there were no arrangements or understandings between Mr. Mody and any other person regarding his selection to the board. He has been appointed to serve on both the Nominating and Corporate Governance Committee and the Compensation Committee.
First Horizon stated that Mr. Mody will be eligible to participate in the company’s active compensation plans and programs for non-employee directors. Additional information on these plans is available in previously filed proxy statements and reports.
The company also disclosed that it and its subsidiaries have engaged in lending and other financial transactions in the ordinary course of business with its executive officers, directors, nominees, their immediate family members, affiliated entities, and holders of more than five percent of its common stock. These transactions were conducted on terms comparable to those available to unrelated parties and did not involve unusual risks.
The information in this article is based on a statement in a Form 8-K filing with the Securities and Exchange Commission.
In other recent news, First Horizon Corporation announced a significant development with the authorization of a $1.2 billion common stock repurchase program. This new program replaces a previous one with approximately $180 million remaining and is set to expire on January 31, 2027. Additionally, the company declared a quarterly cash dividend of $0.15 per share, payable on January 2, 2026. In another update, First Horizon appointed Sital K. Mody, a Kinder Morgan executive, to its board of directors. Mody currently serves as President of the Natural Gas Pipelines Group at Kinder Morgan. Meanwhile, DA Davidson maintained a Neutral rating on First Horizon, citing solid quarterly results but noting investor focus on potential acquisition plans. CEO Bryan Jordan signaled an interest in pursuing small acquisitions starting in 2026. These developments come as First Horizon continues to navigate strategic decisions and market conditions.
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