WEC Energy Group Announces Leadership Appointments

Rhea-AI Summary

The board of directors of WEC Energy Group (NYSE: WEC) has announced key leadership changes aimed at ensuring continued growth and stability. Scott Lauber, previously COO, will become president and CEO effective February 1, 2022. He succeeds Kevin Fletcher, who will assist in the transition until his retirement in June 2022. Gale Klappa remains executive chairman until May 2024. The company, serving 4.6 million customers across several states, has a strong asset base of over $37 billion.

Positive

• Scott Lauber's promotion reflects a long-term succession plan and stable leadership.
• Continuity in leadership with Gale Klappa remaining until May 2024 provides confidence to investors.
• The company has a substantial asset base exceeding $37 billion, indicating financial strength.

Negative

• None.

MILWAUKEE, Oct. 25, 2021 /PRNewswire/ -- The board of directors of WEC Energy Group (NYSE: WEC) today took the next steps in the company's succession planning process, providing continuity and senior leadership for the next chapter of the company's growth, development and service to customers. 

• Gale Klappa will continue to serve as executive chairman until May 2024.
• Scott Lauber, currently chief operating officer, is promoted to president and chief executive officer effective Feb. 1, 2022.  In his new role, Lauber will report to Klappa.
• Kevin Fletcher, currently president and chief executive officer, has announced his plan to retire.  From Feb. 1, 2022, until his retirement in June, Fletcher will serve as a senior adviser to help ensure a seamless transition. 

"On behalf of the board, I want to thank Kevin for guiding the operations of the company and extending our track record of world-class performance," said Klappa.  "Over the past several years, Kevin and I have worked hand in hand to build and strengthen our leadership team.  The depth and commitment of our officer group is a testament to that effort."

"As we look forward, we know that Scott Lauber's experience and demonstrated results over a wide-ranging, 31-year career at the company have prepared him well for the opportunities ahead," Klappa added.  "Our future is bright."

Complete biographies of Lauber, Fletcher and Klappa are available at the following links: 
Gale Klappa
Scott Lauber
J. Kevin Fletcher

WEC Energy Group (NYSE: WEC), based in Milwaukee, is one of the nation's premier energy companies, serving 4.6 million customers in Wisconsin, Illinois, Michigan and Minnesota.

The company's principal utilities are We Energies, Wisconsin Public Service, Peoples Gas, North Shore Gas, Michigan Gas Utilities, Minnesota Energy Resources and Upper Michigan Energy Resources. Another major subsidiary, We Power, designs, builds and owns electric generating plants. In addition, WEC Infrastructure LLC owns a growing fleet of renewable generation facilities in the Midwest.

WEC Energy Group (wecenergygroup.com) is a Fortune 500 company and a component of the S&P 500. The company has approximately 41,000 stockholders of record, 7,200 employees and more than $37 billion of assets. 

View original content:https://www.prnewswire.com/news-releases/wec-energy-group-announces-leadership-appointments-301407077.html

SOURCE WEC Energy Group

FAQ

What leadership changes were announced by WEC Energy Group on October 25, 2021?

WEC Energy Group announced that Scott Lauber will be promoted to president and CEO effective February 1, 2022, succeeding Kevin Fletcher, who will retire in June 2022.

Who will remain as executive chairman of WEC Energy Group until May 2024?

Gale Klappa will continue to serve as executive chairman of WEC Energy Group until May 2024.

What is the asset value of WEC Energy Group?

WEC Energy Group has an asset base of over $37 billion.

How many customers does WEC Energy Group serve?

WEC Energy Group serves approximately 4.6 million customers across several states.