- Push-out Score determined
- Klappa will remain as Executive Chairman at WEC Energy
- Klappa kept it short and said 55 words
(exechange) — Milwaukee, Wisconsin, January 22, 2019 — This news came the day after Martin Luther King, Jr. Day. Gale Klappa, chief executive of WEC Energy, hands over the reins. It is a change at short notice. As announced by WEC Energy Group Inc. in a news release and in a regulatory filing published on Tuesday, January 22, 2019, Gale E. Klappa leaves his post as Chief Executive Officer at the electric services company, effective February 1, 2019.
Gale Klappa’s duties will be taken over by Joseph Kevin Fletcher, currently President of WEC Energy Group, Inc.
No reason given
In the announcement, WEC Energy did not explicitly explain the reason for Gale Klappa’s imminent move.
Klappa will remain as Executive Chairman at WEC Energy
“Gale Klappa, age 68, currently Chairman and Chief Executive Officer, will serve as Executive Chairman. He has agreed to remain with the company for a period of three years,” WEC Energy said.
Share price increase since June 2018
The management change announcement follows an increase in WEC Energy Group, Inc.’s share price of 19 percent since June 2018.
In the position of CEO since 2017
Gale Klappa was appointed executive chairman and to the Office of the Chair of WEC Energy Group by the board of directors, effective February 1, 2019.
Klappa previously served as chairman and chief executive officer of WEC Energy Group after being reappointed by the board of directors in October 2017 to provide continuity following his successor suffering a medical setback.
Prior to his reappointment, Klappa served as non-executive chairman of WEC Energy Group after retiring as CEO in May 2016.
Based in Milwaukee, WEC Energy Group is one of the nation’s premier energy companies, serving 4.5 million electric and natural gas customers in Wisconsin, Illinois, Michigan and Minnesota.
Klappa has more than 40 years of experience working in the public utility industry, the last 24 at a senior executive level.
From May 2004, Klappa served as chairman and chief executive officer of Wisconsin Energy and We Energies.
Under his leadership, the company successfully completed its June 2015 acquisition of Integrys Energy Group, at which time he assumed those same roles for WEC Energy Group.
Prior to joining the company, Klappa served in various executive leadership roles at Southern Co., a public utility holding company serving the southeastern United States.
With his extensive experience in the business operations and C-suite leadership of publicly regulated utilities, his service as a board member for two other public companies, and his contributions to significant economic development initiatives in southeastern Wisconsin, Klappa leads the company and board with a deep understanding of the investment decisions and public policy issues facing large public companies.
Klappa joined Wisconsin Energy as president in April 2003.
He was elected to the company’s board of directors in December 2003.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the likelihood that a manager was pushed out or felt pressure to leave the position.
exechange reached out to WEC Energy and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 4.2019 ($).