- Push-out Score determined
- After almost nine years in the position
- Accolades, praise and thanks for Spence
- Vince Sorgi taking over
- Spence will remain as Non-Executive Chairman at PPL
- Spence said 116 words
(exechange) — Allentown, Pennsylvania, February 26, 2020 — Bill Spence, chief executive of PPL, leaves his position. As announced by PPL Corp. in a news release and in a regulatory filing published on Wednesday, February 26, 2020, William H. (Bill) Spence leaves his post as chief executive officer at the electric services company after almost nine years in the role, effective May 31, 2020.
Bill Spence’s duties as CEO will be taken over by Vincent (Vince) Sorgi, currently Chief Operating Officer of PPL Corp.
No reason given
In the announcement, PPL did not explicitly explain the reason for Bill Spence’s move.
Spence will remain as Non-Executive Chairman at PPL
“William H. Spence, Chairman and Chief Executive Officer (CEO), will retire as of June 1 and become Non-Executive Chairman of PPL’s board of directors,” PPL said.
“Retirement”
PPL said: “William H. Spence, PPL Chairman and Chief Executive Officer, has announced his retirement from employment with the Company effective May 31, 2020.”
Share price increase since February 2018
The announcement follows an increase in PPL Corp.’s share price of 15% since February 2018.
In the position of CEO since 2011
Bill Spence became CEO of the Company in 2011.
As part of the leadership change and in his new role as Non-Executive Chairman, Spence will provide board leadership, maintain regular communication with Sorgi, engage with shareowners and continue to represent PPL in local communities.
Spence is Chairman, President and Chief Executive Officer of PPL Corporation.
Prior to his appointment as Chairman in April 2012, Spence was named Chief Executive Officer and appointed to the Board of Directors of PPL Corporation in November 2011, was named President and Chief Operating Officer in July 2011, and served as Executive Vice President and Chief Operating Officer since June 2006.
Prior to joining PPL in June 2006, Spence had 19 years of service with Pepco Holdings, Inc. and its heritage companies, Delmarva Power and Conectiv, where he held a number of senior management positions.
Spence currently serves on the board of the Electric Power Research Institute, on the Executive Committee of the Edison Electric Institute (EEI) and as co-chairman of EEI’s CEO Policy Committee on Reliability, Security and Business Continuity.
He is a member of EEI’s Finance and Environment and Climate CEO Policy Committees.
He is also a member of EEI’s Electricity Subsector Coordinating Council, which serves as the principal liaison between the federal government and the electric power sector to protect the grid from cyber and physical threats to critical infrastructure.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to PPL and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 9.2020 ($).