8-KLeadership ChangesRegulation FDExhibits & Filings

AMERICAN ELECTRIC POWER CO INC 8-K Report, Executive Changes (Jan 7, 2025)

Filed January 7, 2025For Securities:AEP

Summary

American Electric Power Company, Inc. (AEP) has announced a significant leadership change within its finance department. Effective January 20, 2025, Trevor I. Mihalik will assume the role of Executive Vice President and Chief Financial Officer (CFO). Mr. Mihalik brings extensive experience from his previous roles at Sempra, including serving as its CFO from 2018 to 2023, and a strong background in finance and accounting within the utility and energy sectors. This transition also marks the departure of the current CFO, Charles E. Zebula, who will resign from his role on January 19, 2025, and transition to a Senior Advisor to the CEO role until his retirement in March 2025. Mr. Zebula's compensation arrangements in his advisory role and concerning his vested stock options have been detailed. The company has outlined Mr. Mihalik's compensation package, including base salary, short-term and long-term incentive targets, and equity grants.

Key Highlights

  • 1Appointment of Trevor I. Mihalik as Executive Vice President and Chief Financial Officer (CFO), effective January 20, 2025.
  • 2Mr. Mihalik has a strong financial background, including prior CFO experience at Sempra and various finance roles in the utility and energy sectors.
  • 3Charles E. Zebula to resign as CFO effective January 19, 2025, and transition to Senior Advisor to the CEO until his retirement in March 2025.
  • 4Mr. Mihalik's compensation includes an annual base salary of $975,000, a short-term incentive target of 100% of base salary, and a significant long-term incentive package totaling $3,800,000 annually, plus additional RSUs.
  • 5Details provided on Mr. Zebula's vested and unvested equity awards in connection with his retirement.
  • 6No undisclosed arrangements or family relationships concerning Mr. Mihalik's appointment.

Frequently Asked Questions

Trevor I. Mihalik has been appointed as the new Executive Vice President and Chief Financial Officer of AEP, effective January 20, 2025.

Mr. Mihalik will receive an annual base salary of $975,000, a short-term incentive target of 100% of his base salary, and an initial annual long-term incentive target of $3,800,000, consisting of performance shares and restricted stock units (RSUs). He will also receive an additional $1,500,000 in RSUs upon his hire date.

Charles E. Zebula will resign as CFO effective January 19, 2025. He will transition into the role of Senior Advisor to the Chief Executive Officer until his expected retirement in March 2025. He will continue to receive his current salary and long-term incentive compensation during this advisory period but will not be eligible for short-term incentive compensation for 2025.

No, the filing states there are no arrangements or understandings pursuant to which Mr. Mihalik was appointed, and he has no family relationships with existing directors or executive officers. He is also not party to any transactions requiring disclosure under Item 404(a) of Regulation S-K.