AEP CEO removed after one year as company strategy remains unchanged

Ethan Howland | Source: Utility DIVE | Posted 03/02/2024

“Nothing’s really changing,” Paul Patterson, a Glenrock Associates equity analyst, said. “It’s the same story but a different chapter.”

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American Electric Power announced that it may take up to a year to find a new CEO after removing Julie Sloat from the position she had held since January 11, 2023. Interim CEO Ben Fowke mentioned that an external search will be conducted for a seasoned executive within the utility industry to lead the company.

The company aims to bolster regulatory outcomes and improve relationships, as noted by analysts. While last year presented challenges for AEP with unfavorable regulatory decisions, the focus is now on increasing returns and enhancing customer bill limits. AEP sold its stake in New Mexico Renewable Development but plans to retain stakes in transmission joint ventures to maintain its position as a leader in the transmission space.

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AEP CEO removed after one year as company strategy remains unchanged

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