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Nextracker Inc. Appoints Two New Directors to Board

Strategic Insights

— 2 min read

Nextracker Inc., a leading solar tracker provider, has announced the appointment of two new directors to its Board of Directors. Monica Karuturi and Mark Menezes were appointed to serve as Class III and Class I directors, respectively, effective June 17, 2025. This brings the total number of directors on the Board from nine to eleven.

Karuturi, 46, joins the Board as the Executive Vice President and General Counsel of CenterPoint Energy. She has held various leadership positions at CenterPoint Energy prior to her current role and has also served as Counsel, Corporate Finance and Strategic Transactions at LyondellBasell Industries. The Board has determined that Karuturi qualifies as an independent director and meets all applicable requirements to serve on the Board and the Compensation Committee.

Menezes, 69, brings a wealth of experience to the Board, having served as the President and Chief Executive Officer of the United States Energy Association since June 2023. He has also held various positions at the Department of Energy, including Deputy Secretary, and has served as an adjunct professor at Georgetown University Law School. Menezes will serve as a member of the Nominating Committee and has been determined to be independent.

Key Takeaways:

  • Nextracker Inc. has appointed two new directors, Monica Karuturi and Mark Menezes, to its Board of Directors.
  • Karuturi will serve on the Compensation Committee and has been determined to be independent.
  • Menezes will serve on the Nominating Committee and has been determined to be independent.
  • Both Karuturi and Menezes will be compensated in accordance with Nextracker's director compensation program, receiving an annual cash retainer and an annual equity grant of $150,000 in restricted stock units.
  • Karuturi has served as Executive Vice President and General Counsel of CenterPoint Energy since January 2022, and previously held various leadership positions at CenterPoint Energy and LyondellBasell Industries.
  • Menezes has served as President and Chief Executive Officer of the United States Energy Association since June 2023, and has also held various positions at the Department of Energy and as a partner at Hunton & Williams LLP.
  • The number of shares of common stock underlying the Annual Equity Award will be determined based upon the closing price of Nextracker common stock on the Nasdaq Global Select Market on the business day immediately preceding the date of grant.

Statistics:

  • Nextracker Inc.'s Board of Directors now consists of 11 members, up from 9.
  • Karuturi's term of office expires at the Company's 2025 annual meeting of stockholders.
  • Menezes' term of office expires at the Company's 2026 annual meeting of stockholders.
  • The closing price of Nextracker common stock on the Nasdaq Global Select Market on June 18, 2025, was $[insert price].

Sources:

  • UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (Accession Number: 0001090402-25-000031).

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