- Push-out Score determined
- After 10 years in the position
- Accolades and praise for Fowke
- Bob Frenzel taking over
- Fowke will remain as executive chairman at Xcel Energy
- Fowke kept it short and said 50 words
(exechange) — Minneapolis, Minnesota, May 13, 2021 — Ben Fowke, chief executive of Xcel Energy, leaves his position. As announced by Xcel Energy Inc. in a news release and in a regulatory filing published on Thursday, May 13, 2021, Ben Fowke leaves his post as chief executive officer at the utility company after 10 years in the role, effective August 18, 2021.
Ben Fowke’s duties as CEO will be taken over by Robert (Bob) Frenzel, currently President and Chief Operating Officer at Xcel Energy Inc.
“Long-term, strategic succession planning process”
Ben Fowke’s departure from the CEO post is explained as follows. Xcel Energy said: “This transition is the next step in Xcel Energy’s long-term, strategic succession planning process. Though Fowke will retire as CEO in August, he will continue to serve on the Xcel Energy Board of Directors as executive chairman during a transition period. As executive chair, he will focus on national energy policy and will continue to work closely with Frenzel.”
Fowke will remain as executive chairman at Xcel Energy
“Ben Fowke, chairman and CEO, will retire as CEO effective Aug. 18, 2021, though he will continue to serve on the Xcel Energy Board of Directors as executive chairman,” Xcel Energy said.
Xcel Energy said: “On May 10, 2021, Ben Fowke, Chairman and Chief Executive Officer of Xcel Energy Inc. (the “Company”), notified the Company that he will retire as Chief Executive Officer effective August 18, 2021.”
Share price increase since August 2011
The announcement follows an increase in Xcel Energy Inc.’s share price of 192% since August 2011. August 2011 is the month in which Fowke’s tenure as CEO began.
In the position of CEO since 2011
Ben Fowke became CEO of the Company in 2011.
Ben Fowke is chairman of the board and chief executive officer (CEO) of Xcel Energy.
He became president, chairman and CEO for the company in 2011 after serving in the role of president and chief operating officer (COO) since 2009.
In that role he had responsibility for overall corporate operations as well as Xcel Energy’s four operating companies, which do business in eight states.
Prior to being named president and COO, Fowke held a variety of executive positions at the company, including vice president and chief financial officer (CFO) and vice president and CFO of Energy Markets, where he was responsible for the financial operations of the company’s commodities trading and marketing business unit.
Prior to the 2000 merger of Northern States Power Co. and New Century Energies (NCE) to form Xcel Energy, he was a vice president in the NCE Retail business unit.
Before joining Xcel Energy, Fowke served 10 years with FPL Group, Inc., where he held various management positions.
He has also held positions outside the energy industry with DWG Corp. and KPMG.
Fowke serves on the National Infrastructure Advisory Council (NIAC), representing the energy industry.
The NIAC is a private-public partnership that advises governmental agencies on how to mitigate risk and ensure the integrity of the country’s critical infrastructure.
In recent years, Fowke testified before three Senate committees, providing his expertise on the industry’s cyber security preparedness, on Xcel Energy’s industry-leading Unmanned Aircraft System program and the importance and limitations of battery storage solutions.
He currently serves as chairman of the board of directors of the Edison Electric Institute, the national association of investor-owned electric companies.
He also serves on the boards of Nuclear Energy Institute, Energy Insurance Mutual, Institute of Nuclear Power Operations and Securian Financial Group.
In the community, Fowke serves as chairman of the board of directors of the Minnesota Business Partnership and is an advisory board member of the Metropolitan Economic Development Association.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Ben Fowke’s move on a scale of 0 to 10.
exechange reached out to Xcel Energy and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 20.2021 ($).