- Push-out Score determined
- After about 11 years in the position
- Praise for Akins
- Julie Sloat taking over
- Akins will remain as executive chair at American Electric
- Akins spoke at length and said 144 words
(exechange) — Columbus, Ohio, August 10, 2022 — Nick Akins, chief executive of American Electric, leaves his position. As announced by American Electric Power Co. in a news release and in a regulatory filing published on Wednesday, August 10, 2022, Nicholas K. (Nick) Akins leaves his post as chief executive officer at the electric utility company, after about 11 years in the role, effective December 31, 2022.
Nick Akins’s duties as CEO will be taken over by Julie A. Sloat, most recently executive vice president and chief financial officer at American Electric Power Co.
“The company expects to name a new CFO before Jan. 1”, American Electric stated.
“A time of tremendous change”
American Electric did not give an explicit reason for Nick Akins’s departure from the CEO post. Sloat said: “This is a time of tremendous change and opportunity for AEP as we invest in new energy technologies and infrastructure to provide clean and reliable energy to our 5.5 million customers.”
Akins will remain as executive chair at American Electric
“Also, effective January 1, 2023, Mr. Akins was elected Executive Chair of the Board of Directors of the Company (“Board”) for a transition period to be determined by the Board, and during that transition period he will continue to serve as an executive and employee of the Company,” American Electric said.
“Will end his term as CEO/resign”
American Electric said: “Nicholas K. Akins, chairman, president and chief executive officer, is stepping down as president as part of AEP’s executive succession plan and will end his term as CEO Dec. 31.”
American Electric further said: “On August 5, 2022, Nicholas K. Akins, Chair of the Board, Chief Executive Officer and President of American Electric Power Company, Inc. (“AEP” or the “Company”), notified the Company that he will resign as President of the Company effective August 10, 2022, and then, effective as of December 31, 2022, he will resign from his position as Chief Executive Officer of the Company.”
Share price increase since August 2021
The announcement follows an increase in American Electric Power Co.’s share price of 14% since August 2021.
In the position of CEO since 2011
Nick Akins became CEO of the Company in 2011.
His bio reads as follows:
- Elected chief executive officer of AEP in November 2011.
- Elected Chair of the Board in January 2014 and Chair and chief executive officer of all of AEP’s major subsidiaries in November 2011.
- President of AEP from January 2011 to October 2011 and executive vice president of AEP from 2006 to 2011.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Nick Akins’s move on a scale of 0 to 10.
exechange reached out to American Electric and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 33.2022 ($).