Puget Energy Inc. Director Change — Stuart Lee Appointed; Paul McMillan Retires

What Happened
Puget Energy, Inc. (and Puget Sound Energy, Inc.) filed an 8‑K (Item 5.02) reporting that, effective August 5, 2026, the Companies’ sole shareholder appointed Stuart Lee to the boards of directors. Mr. Lee replaces Paul McMillan, who gave notice of his retirement effective the same day; the filing states there were no disagreements that led to Mr. McMillan’s retirement. Mr. Lee is the former President and CEO of EPCOR Utilities Inc. (2015–May 2023), previously held senior roles at Capital Power Corporation (including CFO), and currently serves on the boards of Aecon Group Inc. and Wolf Midstream. He was selected by Alberta Investment Management Corporation (AimCo) and will serve as an Owner Director under the Companies’ Amended and Restated Bylaws.

Key Details

• Effective date: August 5, 2026.
• Outgoing director: Paul McMillan — retired; no reported disagreements.
• Incoming director: Stuart Lee — former EPCOR President & CEO; prior senior roles at Capital Power; current director at Aecon Group Inc. and Wolf Midstream.
• Mr. Lee was selected by AimCo and will serve as an Owner Director; board committee assignments have not yet been determined.
• Director pay: Mr. Lee’s compensation will match the Companies’ standard non‑employee independent director schedule (per Exhibit 10.32 to the 2025 Form 10‑K).

Why It Matters
This is a board-level governance change: an experienced utilities executive with North American regulated-utility and water-sector experience has joined the boards, which may affect board oversight and expertise on regulatory, operations and capital matters. There is no change to director pay practices and the Companies reported no dispute in the transition, making this a routine governance update for shareholders.