- Push-out Score determined
- After about three years in the position
- Praise and thanks for Fletcher
- Scott Lauber taking over
(exechange) — Milwaukee, Wisconsin, October 25, 2021 — Kevin Fletcher, chief executive of WEC Energy, leaves. As announced by WEC Energy Group Inc. in a news release and in a regulatory filing published on Monday, October 25, 2021, J.Kevin Fletcher leaves his post as chief executive officer at the energy company, after about three years in the role, effective February 1, 2022.
Kevin Fletcher’s duties as CEO will be taken over by Scott J. Lauber, currently chief operating officer at WEC Energy Group Inc.
Gale Klappa will continue to serve as executive chairman until May 2024.
“Providing continuity”
Kevin Fletcher’s departure from the CEO post is explained as follows. WEC Energy said: “The board of directors of WEC Energy Group (NYSE: WEC) today took the next steps in the company’s succession planning process, providing continuity and senior leadership for the next chapter of the company’s growth, development and service to customers.”
Precise information regarding Kevin Fletcher’s future plans was not immediately available.
“Retire”
WEC Energy said: “Kevin Fletcher, currently president and chief executive officer, has announced his plan to retire.”
Share price decline since October 2020
The announcement follows a decline in WEC Energy Group Inc.’s share price of 7% since October 2020.
In the position of CEO since 2019
Kevin Fletcher became CEO of the Company in 2019.
From Feb. 1, 2022, until his retirement in June, Fletcher will serve as a senior adviser to help ensure a seamless transition.
Kevin Fletcher was named chief executive officer — WEC Energy Group and appointed to the Office of the Chair and board of directors, effective Feb. 1, 2019.
He previously was appointed to president of the organization in October 2018.
Fletcher previously served as president — We Energies and Wisconsin Public Service from May 2016 until November 2018, and president — Minnesota Energy Resources and Michigan Gas Utilities from September 2018 until June 2020.
Since September 2018, Fletcher serves as president — Upper Michigan Energy Resources.
Fletcher also has been responsible for the supplier diversity initiative across all of WEC Energy Group’s utilities.
Before the formation of WEC Energy Group, Fletcher served as senior vice president — customer operations for We Energies.
In that role, he had overall responsibility for the planning, engineering, construction, operation and maintenance of the company’s electric and natural gas distribution systems in Wisconsin and Michigan’s Upper Peninsula.
Before joining We Energies, Fletcher was vice president — community and economic development at Georgia Power, Southern Co.’s largest subsidiary.
In his 34-year career with Southern Co. in Atlanta — 16 of those years as an officer — Fletcher held leadership positions in operations, customer service, marketing and sales.
Fletcher holds a Bachelor of Science degree in electrical engineering from the Georgia Institute of Technology, Atlanta.
He also completed Harvard Business School’s advanced management program and holds an honorary doctorate of engineering from the Milwaukee School of Engineering (MSOE).
Fletcher is a member of the boards of directors of the American Transmission Co., Edison Electric Institute and Electric Power Research Institute, and the board of regents of MSOE.
He also serves on the board of directors for the United Way of Greater Milwaukee & Waukesha County.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Kevin Fletcher’s move on a scale of 0 to 10.
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 44.2021 ($).