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American Electric Power (AEP) Appoints Benjamin G.S. Fowke III as Interim CEO

February 26, 2024 4:31 PM EST

American Electric Power (Nasdaq: AEP) today announced that Benjamin G.S. Fowke III, a member of the company's Board of Directors and the former chairman and CEO of Xcel Energy, Inc., has been appointed interim chief executive officer and president, effective immediately.

Fowke succeeds Julie A. Sloat. The Board determined, based on discussions with Sloat, that it is time to identify a new CEO to lead the company's next chapter. This decision was not a result of any disagreement with Sloat regarding AEP's operations, policies or financial performance, and was not made for cause or related to any ethical or compliance concern.

In a separate release today, AEP is disclosing its fourth-quarter and year-end 2023 financial results and reaffirming its 2024 operating earnings guidance range of $5.53 to $5.73.

In addition, the Board has appointed its lead director, Sara Martinez Tucker, as chair. The Board also has engaged a leading executive search firm to conduct an external search for a permanent CEO.

"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."

Tucker continued, "The Board would like to thank Ben for stepping in as interim CEO. Having previously served as chairman and CEO of Xcel Energy for over a decade, Ben has deep knowledge of all aspects of our industry, including operations, finance, regulatory policy and sustainability. Additionally, Ben has been a director on our Board since 2022 and is chair of our Finance Committee. As a director with deep utility experience, Ben has been instrumental in helping shape AEP's strategy and is well-positioned to lead our talented team to create value for shareholders, customers and other stakeholders while the Board conducts a search for a permanent successor."

Fowke said, "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. 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."

Year-end 2023 Earnings Webcast
As previously announced, AEP will hold its quarterly earnings call at 9 a.m. ET Tuesday, Feb. 27. The call will be broadcast live over the internet at http://www.aep.com/webcasts.



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