AEP NAMES STURGESS SVP, CONTROLLER AND CHIEF ACCOUNTING OFFICER

Rhea-AI Summary

On March 13, 2023, American Electric Power (NASDAQ: AEP) announced the appointment of Kate Sturgess as senior vice president, controller, and chief accounting officer, effective May 9, 2023. She will succeed Joseph Buonaiuto, who is retiring on July 1 after over 21 years with the company. Sturgess previously served as vice president, controller for Edison International and has extensive experience in finance roles within large energy firms. The company recognizes her expertise in accounting, financial reporting, and regulatory services, aligning with AEP's growth objectives.

Positive

• Appointment of Kate Sturgess as SVP, controller, and chief accounting officer is expected to strengthen financial reporting.
• Sturgess brings extensive experience from Edison International and National Grid, which may enhance AEP's finance team dynamics.

Negative

• None.

COLUMBUS, Ohio, March 13, 2023 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) has named Kate Sturgess senior vice president, controller and chief accounting officer effective May 9.

In this role, she will be responsible for all aspects of accounting, financial reporting and regulatory accounting services. Sturgess will report to Ann Kelly, executive vice president and chief financial officer. She will succeed Joseph Buonaiuto, senior vice president, controller and chief accounting officer, who will retire July 1 after more than 21 years with the company.

"We thank Joe for his leadership and significant contributions to AEP's finance team throughout the years and wish him the best in his well-deserved retirement," said Kelly. "Kate's depth of accounting knowledge and experience working in the finance organizations of large, regulated energy companies, paired with her commitment to continuous improvement and developing finance talent, make her a strong choice for this role. We welcome Kate's insights and knowledge as we continue to advance our strategic growth objectives."

Sturgess most recently was vice president, Controller for Edison International and its subsidiary Southern California Edison. Prior to that role, she held various finance leadership positions at National Grid USA, a subsidiary of National Grid plc., including vice president, U.S. controller. Before National Grid, Sturgess was a senior manager with PricewaterhouseCoopers LLP in New York and London, where she specialized in audits of publicly traded companies in the power and utilities sector. She began her career in 2006 as an associate with the company.

Sturgess received her bachelor's degree in history from the University of Sheffield in England and is a chartered accountant from the Institute of Chartered Accountants in England and Wales.

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 is the significance of Kate Sturgess's appointment for AEP?

Kate Sturgess's appointment as SVP and chief accounting officer may enhance AEP's financial oversight and reporting capabilities.

When does Kate Sturgess start her new role at AEP?

Kate Sturgess will begin her role as SVP, controller, and chief accounting officer on May 9, 2023.

What position did Joseph Buonaiuto hold at AEP before retiring?

Joseph Buonaiuto was the senior vice president, controller, and chief accounting officer prior to his retirement.

What experience does Kate Sturgess have in the energy sector?

Kate Sturgess has held finance leadership roles at Edison International and National Grid, bringing valuable industry experience to AEP.

What does AEP aim to achieve with its growth objectives?

AEP aims to advance its strategic growth objectives, including enhancing financial oversight and expanding its renewable energy portfolio.