AEP Names Industry Veteran Bill Fehrman as President and Chief Executive Officer

Rhea-AI Summary

American Electric Power (Nasdaq: AEP) has appointed William J. 'Bill' Fehrman as its new president and CEO, effective August 1, 2024. Fehrman, an industry veteran, previously led Centuri Holdings and Berkshire Hathaway Energy. He will succeed interim CEO Ben Fowke, who will continue as a senior advisor and board member. Fehrman brings extensive experience in utility operations, finance, regulatory matters, and renewable energy. His appointment is expected to drive operational excellence and strong financial results. Additionally, Linda A. Goodspeed will retire from AEP's Board of Directors on July 31, 2024.

Positive

• Appointment of experienced industry leader Bill Fehrman as new CEO.
• Fehrman’s background includes successful leadership at Centuri Holdings and Berkshire Hathaway Energy.
• Ben Fowke to provide continuity as senior advisor during the transition.

Negative

• Retirement of Linda A. Goodspeed from the Board, losing nearly 20 years of experience.

Fehrman is an accomplished leader with decades of industry experience and expertise
Benjamin G.S. Fowke III to serve as senior advisor during transition and remain a Board member

COLUMBUS, Ohio, June 26, 2024 /PRNewswire/ -- American Electric Power's (Nasdaq: AEP) Board of Directors has elected William J. "Bill" Fehrman as president and chief executive officer, effective Aug. 1, 2024.

Fehrman brings decades of utility operational leadership experience and in-depth knowledge of the energy industry. Most recently, he served as president and CEO of Centuri Holdings, where he helped to successfully launch Centuri as a public company, while leading their efforts to partner with regulated utilities to build, modernize and maintain energy infrastructure. Prior to that, he was president and CEO of Berkshire Hathaway Energy, where he drove significant financial growth and implemented key customer service initiatives. Fehrman also led MidAmerican Energy Company, PacifiCorp Energy and Nebraska Public Power District as president and CEO.

"Bill is an accomplished leader and industry veteran with a proven ability to drive operational excellence, produce strong financial results and deliver for customers and stakeholders," said Sara Martinez Tucker, chairman of the AEP Board of Directors. "He led one of the nation's largest electric utility companies and a utility infrastructure firm, and his expertise and unique perspectives will help AEP implement new solutions as we build the energy system of the future to power our communities. His diverse background in finance, operations, regulatory matters, safety, cybersecurity and renewable energy will be instrumental to advancing our strategic vision. As our industry continues to change rapidly, the Board is confident that Bill is the right person to seize the opportunities ahead and lead AEP in this next chapter."

Fehrman is AEP's 13th president and ninth CEO in the company's 118-year history. He will succeed Ben Fowke, who has been serving as interim CEO since February 2024. Fowke, who was elected to the Board in 2022 and will continue as a board member, will serve as a senior advisor for several months to ensure a smooth transition.

"I've spent my entire career in the energy business, and I'm honored to join a renowned industry leader like AEP during a pivotal time for the organization and our industry," Fehrman said. "AEP has built a strong foundation with a long history of solid operational and financial results and a focus on customers. I'm committed to building on the company's legacy of success and service by strengthening relationships with our stakeholders and continuing to execute our robust capital plan to enhance the resiliency of the grid and transform the company's generation portfolio. I see incredible potential in this company, and I look forward to working with the best-in-class team at AEP to continue delivering safe, reliable and affordable service to customers and advancing our long-term growth strategy."

Tucker continued, "I want to thank Ben for stepping into this interim CEO role and immediately providing exceptional leadership and guidance, setting the company up for success and driving value for our stakeholders. We're grateful that he will serve as a senior advisor to the company to ensure a smooth transition and know he will continue to play a key role in shaping our strategy as a member of the Board."

AEP also announced today that Linda A. Goodspeed is retiring from AEP's Board of Directors, effective July 31, 2024.

"Throughout her nearly 20-year tenure on the Board, Linda has provided invaluable counsel and leadership to AEP as the company navigated the changing industry landscape," Tucker said. "We're grateful for her dedicated service to the company and wish her all the best in retirement."

About William J. "Bill" Fehrman 
Fehrman, 63, has been president and CEO of Centuri Holdings since January and previously served as president, CEO and a director of Berkshire Hathaway Energy (BHE), a subsidiary of Berkshire Hathaway, since 2018. From 2007 to 2018, Fehrman was president and CEO of MidAmerican Energy Company (MEC), which was acquired by BHE in 1999. Previously, he served in a variety of roles including senior vice president of BHE, president and CEO of PacifiCorp Energy and president and CEO of Nebraska Public Power District. Fehrman currently serves on the Boards of Centuri Holdings, Inc. and Vestas Wind Systems A/S. He earned a Bachelor of Science degree in Civil Engineering from the University of Nebraska and an MBA from Regis University.

About American Electric Power
At American Electric Power, based in Columbus, Ohio, we understand that our customers and communities depend on safe, reliable and affordable power. Our nearly 17,000 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

FAQ

Who is the new CEO of AEP?

William J. 'Bill' Fehrman will become the new CEO of AEP, effective August 1, 2024.

When will Bill Fehrman start as CEO of AEP?

Bill Fehrman will start his role as CEO of AEP on August 1, 2024.

What is Bill Fehrman's previous experience before joining AEP?

Bill Fehrman previously served as the president and CEO of Centuri Holdings and Berkshire Hathaway Energy.

What role will Ben Fowke have after Bill Fehrman becomes CEO?

Ben Fowke will serve as a senior advisor and continue as a board member after Bill Fehrman becomes CEO.

When is Linda A. Goodspeed retiring from AEP’s Board of Directors?

Linda A. Goodspeed will retire from AEP’s Board of Directors on July 31, 2024.