AEP NAMES SMYTH EXECUTIVE VICE PRESIDENT GRID SOLUTIONS & GOVERNMENT AFFAIRS, ANNOUNCES ORGANIZATIONAL CHANGES

Rhea-AI Summary

American Electric Power (AEP) has announced significant organizational and leadership changes effective April 6, 2023, to align with its strategic priorities. Antonio Smyth has been appointed as the executive vice president of Grid Solutions and Government Affairs, expanding his oversight for planning regulated infrastructure investment and federal government affairs. Julie Sloat, AEP's CEO, expressed confidence in Smyth's ability to advance the company’s policy and investment strategies. The executive vice president of External Affairs position has been eliminated, and Raja Sundararajan is leaving the organization. Other realignments include new reporting structures for Regulatory Services and Communications & Marketing. AEP remains committed to reducing its carbon footprint, aiming for an 80% reduction in CO2 emissions by 2030 and net zero by 2045, while continuing its growth in renewable energy investments.

Positive

• Appointment of Antonio Smyth enhances leadership in Grid Solutions and Government Affairs.
• Smyth's past experience includes managing $40 billion electric transmission business.
• AEP targets 50% renewable generation capacity by 2032 and aims for 80% reduction in CO2 emissions by 2030.

Negative

• Elimination of the executive vice president of External Affairs position indicates organizational restructuring that may cause instability.
• Raja Sundararajan's departure could disrupt existing regulatory and policy initiatives.

COLUMBUS, Ohio, April 6, 2023 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) has made organizational and executive leadership changes to support the company's strategic priorities, according to Julie Sloat, president and chief executive officer. The changes are effective today.

Antonio Smyth, currently senior vice president, Grid Solutions, has been named executive vice president, Grid Solutions and Government Affairs. Smyth will continue to oversee planning for regulated infrastructure investment and policy related to the Federal Energy Regulatory Commission (FERC) and Regional Transmission Organizations, with expanded responsibility for federal and Ohio government affairs. He will report to Sloat.

"Antonio brings expertise in policy and strategy and a proven ability to plan and execute on infrastructure investment opportunities to benefit all of our stakeholders. His vision and knowledge will allow us to continue developing and advocating for policy that supports our investment strategies as we work to build a cleaner, more efficient energy system that meets the future needs of our customers and communities," Sloat said.

AEP's executive vice president of External Affairs position is being eliminated, and the responsibilities have been realigned. Raja Sundararajan is leaving the organization to pursue other opportunities.

Regulatory Services will now report to David Feinberg, executive vice president, general counsel and secretary. Communications & Marketing will report to Phillip Ulrich, executive vice president and chief human resources officer. Strategy & Transformation will report to Greg Hall, executive vice president and chief commercial officer. Charles Zebula will remain in his role as executive vice president, Portfolio Optimization. The Sales, Economic & Business Development organization will report to Peggy Simmons, executive vice president, Utilities.

"AEP has benefitted greatly from Raja's leadership and keen understanding of the unique regulatory and policy challenges facing our industry over the two decades that he has been with the company. His technical expertise and experience were incredibly valuable during his time as president of AEP Ohio and as he led parts of our regulatory, transmission and finance organizations. I want to sincerely thank him for his contributions and leadership. We wish him all the best and continued success," Sloat said.

Smyth, 47, has been senior vice president, Grid Solutions, since 2021. In that role, he led the commercial development of new grid resources, including AEP's investments in large-scale generation projects, renewable energy projects, competitive transmission, energy storage, and emerging technologies. Previously, he was senior vice president of Transmission Ventures, Strategy and Policy, where he led transmission strategy, finance, commercial development activities, and federal regulatory and policy for AEP's $40 billion electric transmission business. He also has held key leadership roles in the Strategic Initiatives and Corporate Finance organizations since joining AEP in 2001.

Smyth is chair of the board of directors of the ReliabilityFirst Corporation and a member of the Compensation Committee. He also serves as a board member of Electric Transmission Texas, LLC, a $4 billion electric infrastructure joint venture between AEP and Berkshire Hathaway Energy, and as a trustee of the Center of Science and Industry (COSI) in Columbus, Ohio. He earned bachelor's and master's degrees in economics from The Ohio State University and is a veteran of the United States military.

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 224,000 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 approximately 31,000 megawatts of diverse generating capacity, including more than 6,900 megawatts of renewable energy. The company's plans include growing its 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.

 

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SOURCE American Electric Power

FAQ

What leadership changes were announced by AEP on April 6, 2023?

AEP appointed Antonio Smyth as executive vice president of Grid Solutions and Government Affairs and eliminated the executive vice president of External Affairs position.

What are AEP's goals for renewable energy by 2032?

AEP aims for approximately 50% of its total generating capacity to come from renewable sources by 2032.

How much is AEP's electric transmission business valued at?

AEP's electric transmission business is valued at approximately $40 billion.

What emissions reduction target does AEP have for 2030?

AEP is targeting an 80% reduction in carbon dioxide emissions from 2005 levels by 2030.

Who is the new executive vice president of Grid Solutions at AEP?

Antonio Smyth has been named the new executive vice president of Grid Solutions and Government Affairs at AEP.