Summary
American Electric Power Company, Inc. (AEP) announced a key executive transition within its finance department. Joseph M. Buonaiuto, Senior Vice President, Chief Accounting Officer and Controller, will retire effective June 30, 2023, after transitioning to a Senior Vice President – Accounting role on May 8, 2023. This marks the end of Mr. Buonaiuto's tenure, and the company has elected Kate Sturgess to succeed him. Ms. Sturgess will assume the role of Senior Vice President, Chief Accounting Officer and Controller on May 9, 2023, becoming AEP's principal accounting officer. Her appointment brings significant experience from her previous roles at Edison International and National Grid USA. The company has outlined Ms. Sturgess's compensation package, which includes a base salary, annual incentives, long-term equity awards, and a hiring bonus designed to offset forfeited compensation from her prior employer. This transition is a significant leadership change in a critical financial oversight role.
Key Highlights
- 1Joseph M. Buonaiuto, SVP, Chief Accounting Officer & Controller, to retire on June 30, 2023.
- 2Kate Sturgess appointed as the new SVP, Chief Accounting Officer & Controller, effective May 9, 2023.
- 3Ms. Sturgess will serve as AEP's principal accounting officer.
- 4Ms. Sturgess brings relevant experience from prior leadership roles at Edison International and National Grid USA.
- 5Ms. Sturgess's compensation includes a base salary of $475,000, target annual incentive of 60%, and annual long-term incentive grants starting in 2024.
- 6A hiring bonus and equity awards (performance shares and RSUs) are provided to Ms. Sturgess to incentivize her transition.