- Initiates search for newly created president of AEP
Transmission role responsible for leading high growth business
- Shifts management of generating plants and economic development
function to local operating companies
- Realigns leadership team to support key business functions and
local decision-making
COLUMBUS, Ohio, Oct. 31,
2024 /PRNewswire/ -- American Electric Power (Nasdaq:
AEP) today announced leadership and organizational changes that
will empower local operations, drive growth and create value for
customers and stakeholders. The changes are effective today.
"This new leadership and organizational structure is part of our
effort to streamline the company, shift decision making and
accountability closer to customers, and align our support
organizations to ensure our businesses have the appropriate
resources to enhance value for all of our stakeholders," said
Bill Fehrman, AEP president and
chief executive officer. "These changes will allow us to be more
responsive to the needs of our states and support growth in our
local economies."
As part of these leadership and organizational changes, AEP
announced:
- The company is launching a search for a president to lead the
AEP Transmission business, which is a source of growth as AEP makes
necessary investments to enhance reliability and meet customers'
needs. The search will consider both internal and external
candidates.
- It is eliminating the executive vice president of Regulatory
and chief administrative officer role. As a result, Peggy Simmons is leaving the company.
- Chris Beam, executive vice president of Energy Services, plans
to retire in February 2025 and will
serve as executive vice president and senior advisor until that
time.
- Shane Lies, executive vice
president and chief nuclear officer, will move to a new role as
executive vice president of Projects and Services. He will oversee
generation shared services, environmental services, project
solutions, distribution planning and performance, and strategic
supplier management.
- Kelly Ferneau, site vice
president at AEP's Donald C. Cook Nuclear Plant, succeeds Lies and
has been promoted to executive vice president and chief nuclear
officer, reporting to Fehrman.
- Scott Dailey, AEP's managing
director of renewable generation and former plant manager at Cook
Nuclear Plant, will succeed Ferneau as site vice president.
- AEP's other power plant managers will now report to the
operating company presidents. In addition, the economic development
function will be transitioning to the operating companies.
- Corporate regulatory services and procurement will be aligned
under the chief financial officer.
Fehrman continued, "On behalf of the Board, I want to thank
Chris and Peggy for their years of contributions and dedicated
leadership. We wish them the best in the future. As we move
forward, strong execution begins with aligning the right
individuals to the right roles, and we are fortunate to have a
strong team across our organization that is laser-focused on
delivering for all of our stakeholders."
About AEP
At American Electric Power, based in
Columbus, Ohio, we understand that
our customers and communities depend on safe, reliable and
affordable power. Our nearly 16,000 employees operate and maintain
more than 40,000 miles of transmission lines, the nation's largest
electric transmission system, and more than 225,000 miles of
distribution lines to deliver power to 5.6 million customers in 11
states. AEP also is one of the nation's largest electricity
producers with approximately 29,000 megawatts of diverse generating
capacity, including nearly 6,000 megawatts of renewable energy. AEP
is investing $43 billion over the
next five years to make the electric grid cleaner and more
reliable. We are on track to reach an 80% reduction in carbon
dioxide emissions from 2005 levels by 2030 and have a goal to
achieve net zero by 2045. AEP is recognized consistently for its
focus on sustainability, community engagement and inclusion. AEP's
family of companies includes utilities AEP Ohio, AEP Texas,
Appalachian Power (in Virginia and
West Virginia), AEP Appalachian
Power (in Tennessee), Indiana
Michigan Power, Kentucky Power, Public Service Company of
Oklahoma, and Southwestern
Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas
Panhandle). AEP also owns AEP Energy, which provides
innovative competitive energy solutions nationwide. For more
information, visit aep.com.
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SOURCE American Electric Power