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