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4-Traders Homepage  >  Equities  >  Nyse  >  American Electric Power Company Inc    AEP

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American Electric Power : AEP Announces Organizational, Executive Leadership Changes

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12/06/2016 | 08:05pm CET

COLUMBUS, Ohio, Dec. 6, 2016 - American Electric Power (NYSE: AEP) has made organizational and executive leadership changes to support the company's strategic goals and executive succession plans, according to Nicholas K. Akins, AEP chairman, president and chief executive officer. The changes are effective Jan. 1, 2017.

Robert P. Powers, 62, currently executive vice president and chief operating officer (COO), has been named vice chairman, reporting to Akins. Paul Chodak III, 53, currently president and COO of Indiana Michigan Power, has been named executive vice president -Utilities and will report to Powers. Mark C. McCullough, executive vice president - Generation, Charles E. Zebula, executive vice president - Energy Supply, Joel P. Gebbie, senior vice president and chief nuclear officer, and Stanley E. Partlow Jr., vice president and chief security officer, will continue to report to Powers.

'These changes will fully leverage the operational expertise, strong leadership and deep industry knowledge of the AEP team as we invest in our core regulated operations to fuel earnings growth and enhance service for our customers,' Akins said. 'Bob will serve as a senior advisor to me in his new role while continuing to oversee many of our key areas of operations including our utility subsidiaries, regulated generation, competitive businesses, and physical and cyber security.'

AEP's utility subsidiary presidents and COOs will report directly to Chodak, with the exception of the president and COO of AEP Texas who will continue to report to the president and COO of Southwestern Electric Power Co.

'Paul has successfully led two AEP operating companies, and I'm confident that he will continue the growth of our regulated utility operations as we focus on investing in advanced technologies to deliver more reliable, affordable and cleaner energy to our customers,' Akins said.

Charles R. Patton, 57, currently president and COO of Appalachian Power, has been promoted to executive vice president - External Affairs for AEP, reporting to Akins. Patton will lead AEP's customer services, communications, federal public policy and corporate sustainability initiatives. Patton's direct reports will include Bruce Evans, senior vice president and chief customer officer; Dale E. Heydlauff, 59, who is being promoted from vice president to senior vice president - Corporate Communications; Anthony P. Kavanagh, senior vice president - Governmental Affairs; and Sandra M. Nessing, managing director of Corporate Sustainability.

'Charles has spent most of his career proactively engaging with external stakeholders to help advance AEP's strategy and support the communities where we operate. His collaborative leadership style and expertise in building relationships will help us successfully work with customers, government officials and other key groups to improve the service and support we provide in our communities,' Akins said.

Lana L. Hillebrand, 56, has been promoted to executive vice president and chief administrative officer from senior vice president and chief administrative officer, also reporting to Akins. She will continue to lead human resources, information technology, labor relations and real estate and workplace services.

In addition to Powers, Patton and Hillebrand, Akins' direct reports include Lisa M. Barton, executive vice president - Transmission; David M. Feinberg, executive vice president, general counsel and secretary; Brian X. Tierney, executive vice president and chief financial officer; and Andrew B. Reis, vice president - Audit Services.

Toby L. Thomas, 45, currently vice president - Competitive Generation, has been named president and COO for Indiana Michigan Power, to replace Chodak. Chris T. Beam, 47, currently vice president - Projects, Controls and Construction for Generation, has been named president and COO for Appalachian Power, to replace Patton. Frank R. Pifer, 52, currently managing director - Projects, will replace Beam as vice president - Projects, Controls and Construction.

Gina E. Mazzei-Smith, 50, currently senior counsel, has been named chief compliance officer, reporting to Feinberg. Mazzei-Smith replaces Julie Rutter, who recently was named director - Corporate and Field Human Resources.

Timothy K. Light, 59, has been named to a short-term position as senior vice president - Business Development in Generation, reporting to McCullough. Light plans to retire from AEP in mid-2017. Jeffrey D. LaFleur, 57, currently vice president - Generating Assets for Appalachian Power, will succeed Light as senior vice president - Commercial Operations, also reporting to McCullough. Debra L. Osborne, 52, currently plant manager, Mountaineer Plant, has been named vice president - Generating Assets for Appalachian Power, replacing LaFleur and reporting to Daniel V. Lee, senior vice president - Fossil and Hydro Generation.

Photos and biographical information about AEP executives are available at www.aep.com.

American Electric Power is one of the largest electric utilities in the United States, delivering electricity and custom energy solutions to nearly 5.4 million customers in 11 states. AEP owns the nation's largest electricity transmission system, a more than 40,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. AEP also operates 224,000 miles of distribution lines. AEP ranks among the nation's largest generators of electricity, owning approximately 31,000 megawatts of generating capacity in the U.S. AEP also supplies 3,200 megawatts of renewable energy to customers. AEP's utility units operate as AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP's headquarters are in Columbus, Ohio.

MEDIA CONTACT: Melissa McHenry Director, External Communications 614/716-1120

ANALYSTS CONTACT:
Bette Jo Rozsa
Managing Director, Investor Relations
614/716-2840

AEP - American Electric Power Company Inc. published this content on 06 December 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 06 December 2016 19:05:02 UTC.

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Financials ($)
Sales 2016 16 253 M
EBIT 2016 3 191 M
Net income 2016 1 847 M
Debt 2016 18 591 M
Yield 2016 3,73%
P/E ratio 2016 16,33
P/E ratio 2017 16,35
EV / Sales 2016 2,99x
EV / Sales 2017 3,09x
Capitalization 29 989 M
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 66,8 $
Spread / Average Target 9,4%
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Managers
NameTitle
Nicholas K. Akins Chairman, President & Chief Executive Officer
Robert P. Powers Chief Operating Officer & Executive Vice President
Brian X. Tierney Chief Financial Officer & Executive Vice President
Alberto G. Ruocco Chief Information Officer & Vice President
Lionel L. Nowell Independent Director
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