AEP BOARD ELECTS SLOAT CHAIR, NAMES STODDARD BOARD MEMBER

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American Electric Power (AEP) elects Julie Sloat as chair of the Board and Daniel Stoddard as a new board member. Nicholas Akins will retire as executive chair. Sloat's leadership and strategic vision are praised. Stoddard's industry knowledge and expertise in nuclear operations and renewable energy are seen as valuable. Oliver Richard III resigns from the Board. AEP aims to reach 50% renewable generation portfolio by 2032 and reduce carbon dioxide emissions by 80% by 2030.

08/21/2023 - 08:00 AM

COLUMBUS, Ohio, Aug. 21, 2023 /PRNewswire/ -- The Board of Directors of American Electric Power (Nasdaq: AEP) has elected Julie Sloat chair of the Board, effective Oct. 2. Sloat is AEP's president and chief executive officer. In addition, Daniel G. "Dan" Stoddard, retired senior vice president, chief nuclear officer and president of Contracted Assets for Dominion Energy, has been elected to the Board.

Nicholas K. Akins will be retiring and stepping down from his position as executive chair of AEP's Board on Oct. 1.

"AEP's executive succession transition began just over a year ago, and in that time, Julie has embraced her role and made great strides in executing the company's strategic vision," said Sara Martinez Tucker, lead director of AEP's Board. "Her energy, expertise and passion for serving our customers is an asset to AEP as we work to provide value to our stakeholders, and we're pleased to have her take on this larger leadership role with the company."

"Nick has been a respected and highly effective leader throughout his more than 40 years with the company and has continued this commitment to excellence in his role as executive chair of the Board," Tucker said. "We thank him for his innumerable contributions to AEP, and we extend our sincerest congratulations as he transitions to his next chapter."

Sloat, 54, was named AEP president in August 2022 and became chief executive officer Jan. 1, 2023. Previously, she was executive vice president and chief financial officer, senior vice president of Treasury and Risk, and president and chief operating officer of AEP Ohio. Sloat joined AEP in 1999.

Prior to his retirement from Dominion earlier this month, Stoddard, 61, oversaw the operations of the company's seven nuclear units in three states and more than 50 contracted solar generating facilities in nine states. He joined Dominion in 2006 and has held roles of increasing responsibility in their nuclear energy generation organization, including senior vice president of Nuclear Operations and site vice president of North Anna Power Station. Prior to Dominion, he held various roles with Progress Energy, including plant general manager for the H.B. Robinson Nuclear Station.

"Dan's leadership roles with regulated utilities, expertise in nuclear operations and renewable energy, and background in safety and health make him a great choice for our Board," Sloat said. "His deep industry knowledge will be an asset as AEP builds upon our reputation of operational excellence and shifts to a cleaner generating portfolio. We welcome his guidance and insights to the Board."

Stoddard is a U.S. Navy veteran. He received his bachelor's degree in marine engineering from the U.S. Naval Academy and his master's degree in nuclear engineering from the University of Virginia.

Stoddard is a licensed professional engineer and a member of the American Nuclear Society. He serves as chair of the boards of the National D-Day Memorial Foundation and the American Civil War Museum. He formerly chaired the Executive Advisory Group for the Institute of Nuclear Power Operations and the New Plant Advisory Committee for the Nuclear Energy Institute.

Oliver G. "Rick" Richard III has resigned from the Board of Directors for personal reasons.

"We thank Rick for his service to our Board and the company over the past 10 years," Akins said. "His leadership and knowledge have been instrumental in executing our strategy, and we wish him all the best."

American Electric Power, based in Columbus, Ohio, is powering a cleaner, brighter energy future for its customers and communities. AEP's approximately 17,000 employees operate and maintain the nation's largest electricity transmission system and more than 225,000 miles of distribution lines to safely deliver reliable and affordable power to 5.6 million regulated customers in 11 states. AEP also is one of the nation's largest electricity producers with nearly 29,000 megawatts of diverse generating capacity, including approximately 5,800 megawatts of renewable energy. The company's plans include growing its regulated renewable generation portfolio to approximately 50% of total capacity by 2032. AEP is on track to reach an 80% reduction in carbon dioxide emissions from 2005 levels by 2030 and has committed to achieving net zero by 2045. AEP is recognized consistently for its focus on sustainability, community engagement, and diversity, equity 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.