American Electric Power’s (AEP) board of directors has elected Julie Sloat as chief executive officer, effective from 1 January 2023
Sloat (pictured) has also been appointed as president and chief financial officer, effective immediately.
She is currently executive vice president and CFO.
Nicholas Akins, chairman, president and chief executive officer, is stepping down as president as part of AEP’s executive succession plan and will end his term as CEO on 31 December 2022.
He will become executive chair of the AEP board and will remain an executive and officer of the company.
Sara Martinez Tucker, lead director of AEP’s board, said: “Nick has transformed AEP during the 11 years that he has led the company.
“His focus on innovation, technology, and modernization of the grid and AEP’s generation fleet is enabling clean, reliable and resilient energy to fuel growth in the communities that AEP serves.
“He also has built an open, collaborative culture that embraces diversity, equity and inclusion.”
Sloat is AEP’s eleventh president and will become the seventh CEO in the company’s 116-year history.
The company expects to name a new CFO before 1 January 2023.
Atkins said: “Julie is an exceptional leader who has successfully led key strategic areas for the company.
“Her financial expertise and positive relationship with investors have been essential for the execution of our long-term strategy, enabling us to deliver strong earnings quarter after quarter while continuing to raise guidance and provide consistent dividend growth.
“Her deep understanding of our business and industry, including her experience leading AEP Ohio and our regulatory team, will be critical as we continue to invest in new energy resources and grid enhancements that improve service and reliability, support a clean energy future and provide value to our customers, communities and investors.”