8-KLeadership ChangesExhibits & Filings

AMERICAN ELECTRIC POWER CO INC 8-K Report, Executive Changes (Aug 10, 2022)

Filed August 10, 2022For Securities:AEP

Summary

This 8-K filing from American Electric Power Co. Inc. (AEP) announces a significant leadership transition. Current CEO Nicholas K. Akins will step down as President on August 10, 2022, and resign as CEO on December 31, 2022. He will then transition to an Executive Chair role for a determined period. This move is part of a planned succession strategy to ensure a smooth handover of leadership responsibilities. The Board of Directors has appointed Julia A. Sloat, currently Executive Vice President and CFO, to succeed Mr. Akins. Ms. Sloat will become President and CFO effective August 10, 2022, and will assume the CEO role on January 1, 2023. This appointment reflects confidence in Ms. Sloat's extensive experience within AEP and the utility sector, positioning her to lead the company into its next phase.

Key Highlights

  • 1CEO Nicholas K. Akins to resign as President on August 10, 2022, and as CEO on December 31, 2022.
  • 2Nicholas K. Akins will transition to an Executive Chair of the Board for a transitional period.
  • 3Julia A. Sloat appointed President and CFO effective August 10, 2022.
  • 4Julia A. Sloat to become CEO and principal executive officer effective January 1, 2023.
  • 5Ms. Sloat brings extensive experience as EVP and CFO, and prior leadership roles within AEP.
  • 6Ms. Sloat's annual base salary will increase to $850,000, with her ICP target increased to 90% of annual salary upon her appointment as President.
  • 7Compensation details for future roles (post-January 1, 2023) will be disclosed later.

Frequently Asked Questions

This filing is primarily to announce a planned leadership transition at AEP, including the resignation of the current CEO, Nicholas K. Akins, and the appointment of a successor, Julia A. Sloat.

Julia A. Sloat, currently the Executive Vice President and Chief Financial Officer, has been appointed to succeed Mr. Akins as CEO, effective January 1, 2023. She will also serve as President and Chief Financial Officer starting August 10, 2022.

Mr. Akins will transition to the role of Executive Chair of the Board of Directors for a period determined by the Board, continuing as an executive and employee of the Company during that time.

Effective August 10, 2022, Ms. Sloat's annual base salary will increase to $850,000, and her target under the annual incentive compensation plan will be increased to 90% of her annual salary. Further compensation adjustments for her role as CEO effective January 1, 2023, will be disclosed later.