Summary
American Electric Power Company, Inc. (AEP) has announced significant leadership changes via an 8-K filing. Effective February 25, 2024, Julia A. Sloat was removed from her positions as Chair, CEO, and President. The company stated this decision was not due to any disagreement regarding operations, policies, financial performance, or ethical concerns. Ms. Sloat will remain with AEP until April 8, 2024, to facilitate a smooth transition and will be considered to have an "Involuntary Termination" for severance plan purposes. Effective February 26, 2024, Benjamin G. S. Fowke, III, a current Board member, has been appointed Interim CEO and President. Mr. Fowke's compensation package includes an annual base salary of $1,600,000, a short-term incentive target of 160% of base salary, and a $6,000,000 restricted stock unit (RSU) grant vesting upon replacement with a permanent CEO or one year from the grant date. Additionally, Sara Martinez Tucker was appointed Chair of the Board, effective February 26, 2024. The company has engaged an executive search firm to find a permanent CEO.
Key Highlights
- 1CEO, President, and Chair Julia A. Sloat removed from her roles, effective February 25, 2024.
- 2Leadership change stated not to be due to any disagreement on operations, policies, financial performance, or ethical concerns.
- 3Benjamin G. S. Fowke, III appointed Interim CEO and President, effective February 26, 2024.
- 4Interim CEO Fowke to receive $1,600,000 base salary, 160% short-term incentive target, and a $6,000,000 RSU grant.
- 5Sara Martinez Tucker appointed Chair of the Board, effective February 26, 2024.
- 6AEP is conducting an external search for a permanent CEO.
- 7Julia A. Sloat will remain with the company until April 8, 2024, for transition purposes.