8-KLeadership ChangesExhibits & Filings

AMERICAN ELECTRIC POWER CO INC 8-K Report, Executive Changes (Nov 2, 2022)

Filed November 2, 2022For Securities:AEP

Summary

This 8-K filing from American Electric Power Company, Inc. (AEP) announces a significant shift in its executive leadership team, primarily concerning the Chief Financial Officer (CFO) role. Julia A. Sloat, the current CFO, will transition to the role of Chief Executive Officer effective January 1, 2023, after resigning from her CFO position on November 29, 2022. She will retain her role as President during this transition period. This move is part of AEP's established CEO succession plan. In parallel, the company has appointed Ann P. Kelly as the new Executive Vice President and CFO, effective November 30, 2022. Ms. Kelly brings extensive financial experience from her previous roles, including CFO at AmeriGas Propane and various accounting and treasury positions within UGI Corporation. Her appointment and compensation package, including base salary, incentive compensation, and new hire equity awards, are detailed in the filing. This transition signals a strategic move in leadership as AEP prepares for future growth and operational direction under new executive leadership.

Key Highlights

  • 1Julia A. Sloat is transitioning from CFO to President and incoming CEO (effective Jan 1, 2023) as part of a planned succession.
  • 2Ann P. Kelly has been appointed as the new Executive Vice President and CFO, effective November 30, 2022.
  • 3Ms. Kelly has a strong financial background, most recently serving as VP Finance and CFO of AmeriGas Propane.
  • 4Ms. Kelly's compensation includes a base salary of $700,000, with incentive and long-term compensation components.
  • 5A new hire bonus and equity awards totaling $370,000 (cash bonus, performance shares, RSUs) are provided to Ms. Kelly to offset forfeited compensation from her prior employer.
  • 6The filing includes an attached press release detailing these executive changes.
  • 7No undisclosed arrangements or conflicts of interest were noted for Ms. Kelly's appointment.

Frequently Asked Questions

This 8-K filing primarily announces key changes in AEP's executive leadership, specifically related to the Chief Financial Officer (CFO) position and the CEO succession plan. It details the transition of Julia A. Sloat from CFO to President and incoming CEO, and the appointment of Ann P. Kelly as the new CFO.

Julia A. Sloat will resign as CFO effective November 29, 2022, but will continue as President. She is slated to become the Chief Executive Officer of AEP effective January 1, 2023, as part of the company's CEO succession plan.

Ann P. Kelly has been appointed as the new Executive Vice President and CFO, effective November 30, 2022. She has a significant financial background, including her most recent role as Vice President of Finance and CFO of AmeriGas Propane, and previous senior finance positions at UGI Corporation.

Ms. Kelly's compensation includes an annual base salary of $700,000, a target of 80% of base salary for annual incentive compensation, and an annual grant of $1,700,000 in long-term incentive compensation. Additionally, she will receive a $250,000 cash hire bonus and equity awards (performance shares and RSUs) valued at approximately $370,000 to compensate for forfeited benefits from her previous employer.