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.
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SOURCE American Electric Power