WEC Energy CEO Allen Leverett takes medical leave

  • After less than a year and a half on the job
  • Gale Klappa taking over in the interim

(exechange) — Milwaukee, Wisconsin, October 12, 2017 — Allen Leverett, chief executive of WEC Energy, takes a medical leave of absence. As announced by WEC Energy Group in a news release and in a regulatory filing published on Thursday, October 12, 2017, Allen L. Leverett leaves the post as Chief Executive Officer at the electric services company after less than a year and a half on the job.

The exact date of Leverett’s departure was not given in the announcement.

Leverett’s duties are taken over in the interim by Gale Klappa, most recently Non-Executive Chairman at WEC Energy Group.

Health reasons

WEC Energy said: “Allen L. Leverett, Chief Executive Officer of WEC Energy Group, is currently hospitalized and receiving medical treatment as he recovers from an apparent stroke.”

Share price rise since March 2009

The change follows a rise in the share price of WEC Energy Group since March 2009.

Chaired by Gale E. Klappa

WEC Energy Group is chaired by Gale E. Klappa.

He retired as the company’s CEO in May 2016, at which time he transitioned to his current role as non-executive chairman of the board.

On the job as CEO since 2016

Allen Leverett was named president of WEC Energy Group in June 2015 and chief executive officer in May 2016.

He was appointed to the board of directors in January 2016.

Leverett had served as president of Wisconsin Energy Corporation since August 2013, as well as president – Wisconsin, Michigan and Minnesota, with responsibility for business operations of the company’s utilities in those states.

Previously, Leverett served as president and chief executive officer of We Generation, the company’s power generation group, since March 2011, with overall responsibility for the company’s electric generation portfolio, fuel procurement, environmental compliance and renewable energy development strategy.

He joined Wisconsin Energy in 2003 as chief financial officer. In May 2004, he was named executive vice president and chief financial officer of Wisconsin Energy and We Energies.

Prior to joining the company, Leverett served as chief financial officer and executive vice president of Georgia Power in Atlanta, Georgia. Before that, he was vice president and treasurer of Southern Company Services, with overall responsibility for financial planning and analysis, capital markets and leasing, treasury and investor relations.

Previously, he held a variety of positions in transmission planning, integrated resource planning, strategic planning, wholesale marketing and finance.

Leverett earned his bachelor’s degree, summa cum laude, in electrical engineering and mathematics from Vanderbilt University, Nashville, Tennessee. He also earned a master’s degree in electrical engineering from Stanford University, Palo Alto, California, and a Master of Business Administration degree with a finance concentration from Auburn University, Auburn, Alabama.

Leverett is a director of American Transmission Co., non-executive chairman of Church Mutual Insurance Co., and a member of the board of directors of the Electric Power Research Institute (EPRI) and the Edison Electric Institute (EEI).

Push-out Score not determined

When the reason for the departure is health-related, a Push-out Score™ is not determined.

Read the full story in the exechange report 42.2017 ($).