The independent directors instead selected William H. Binnie to serve as Lead Independent Director starting in May 2016. Effective January 1, 2024, the Board appointed Mr. Crate as our Chief Executive Officer and Mr. Binnie as Chairman of the Board, thereby separating the role of Chairman of the Board from our management team and eliminating the need to appoint a separate Lead Independent Director. Mr. Binnie, as Chairman of the Board, has the following responsibilities: presiding at all meetings of the Board, including executive sessions of independent directors; serving as liaison between the senior management team and the independent directors; approving information sent to the Board; approving Board meeting agendas; approving Board meeting schedules to assure that there is sufficient time for discussion of all agenda items; and if requested by major stockholders, ensuring that he or she is available for consultation and direct communication. Our Chairman of the Board also has the authority to call special meetings of the Board and meetings of the independent directors. The members of the Compensation Committee are William H. Binnie (Chair), Cynthia A. Fisher, Scott D. Freeman, Emil W. Henry, Jr. and Tara S. Innes, each of whom is independent under the independence standards of the NYSE.