After an agreement by its current CEO Julie Sloat and the American Electric Power (AEP) Board of Directors, the company recently announced a new interim CEO and president, Benjamin Fowke III, along with a new chair of the board, Sara Martinez Tucker.
AEP added that the decision among its executives was not one built on animus. Rather, they collectively agreed it was time for a new chapter. That new chapter will see Fowke, a member of the company’s board and a former chairman and CEO of Xcel Energy, Inc., take up the reins. Tucker had been the company’s lead director. Both appointments were effective immediately.
“After thorough deliberation and discussions with Julie, the Board determined now is the right time to make this leadership transition to best position AEP for the future,” Tucker said. “The company has made great progress managing our portfolio and supporting the needs of customers and communities. With this solid foundation, we continue to be well-positioned to execute our capital plan and enhance grid reliability and resiliency for customers while advancing our ongoing generation fleet transformation. We thank Julie for her many contributions to AEP over the course of her 23-year tenure at the company and wish her the best moving forward.”
Fowke was chosen to lead the company temporarily due to his knowledge of operations, finance, regulatory policy, sustainability and other aspects of the utility industry. Meanwhile, an executive search firm will look externally for a permanent CEO.
“Through my career in the industry, I have gotten to know AEP well, and since joining the Board, I have gained an even deeper appreciation of AEP’s operations and the depth of talent across the organization,” Fowke said. “The Board and I have carefully overseen the execution of recent portfolio actions to simplify and de-risk the business, and I look forward to working with the management team over the coming months to build on AEP’s positive momentum. Together, we will continue enhancing our regulatory relationships and unlocking shareholder value by driving the company’s strategic priorities forward and delivering safe, reliable and affordable energy to our customers.”
The news came just ahead of the Ohio-based company’s year-end 2023 quarterly earnings call.
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