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Business News/ News / Power Company AEP Taps New Interim CEO Amid Icahn Activism
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Power Company AEP Taps New Interim CEO Amid Icahn Activism

American Electric Power Co. named a new interim chief executive officer less than three weeks after the company reached an agreement with billionaire investor Carl Icahn to add two directors to its board.

Power Company AEP Taps New Interim CEO Amid Icahn ActivismPremium
Power Company AEP Taps New Interim CEO Amid Icahn Activism

(Bloomberg) -- American Electric Power Co. named a new interim chief executive officer less than three weeks after the company reached an agreement with billionaire investor Carl Icahn to add two directors to its board. 

AEP is tapping Benjamin G.S. Fowke III for the position, according to a statement Monday. He’s a member of the company’s board and the former chairman and CEO of Xcel Energy Inc.

Fowke replaces Julie Sloat, who became CEO in January 2023. 

AEP shares were up 3.2% in after-hours trading in New York. The company also reported earnings Monday after the market closed, with revenue that trailed analyst estimates. 

The CEO move comes after AEP said this month that Hunter Gary, an Icahn Enterprises senior managing director, and Henry Linginfelter, a former executive at Southern Company Gas, will join the board. In the statement Monday, the company said it was time to identify a new person to lead its next chapter. The board “has engaged a leading executive search firm to conduct an external search for a permanent CEO."

Read More: Icahn Reaches Agreement With AEP to Add Two Directors 

Icahn’s involvement with AEP is his most recent foray into American utilities. He has also been involved with FirstEnergy Corp., which was embroiled in a federal corruption case involving nuclear subsidies. Southwest Gas Holdings Inc. agreed in 2022 to sell a pipeline business for $1.5 billion including debt and spin off its construction business in the wake of a bitter battle with Icahn.

Ohio-headquartered AEP has about 5.6 million customers in 11 states. 

(Story updates with more details starting in third paragraph and share price in fourth. An earlier updated removed incorrect reference to Tuesday in first paragraph)

More stories like this are available on bloomberg.com

©2024 Bloomberg L.P.

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Published: 27 Feb 2024, 04:12 AM IST
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