American Electric Power (Nasdaq: AEP) today announced that it has entered into an agreement with Icahn Capital L.P. and certain of its affiliates, under which Hunter C. Gary, senior managing director at Icahn Enterprises L.P., and Henry (“Hank”) P. Linginfelter, retired executive vice president of Southern Company Gas, will join AEP’s Board of Directors, effective today.
Julie Sloat, AEP chair, president and chief executive officer, said, “On behalf of the Board, we welcome Hunter and Hank to AEP. Hunter’s experience providing operational oversight as an investor and public company director and Hank’s utility regulatory experience will serve us well as we continue to execute on our strategic priorities and enhance value

American Electric Power (Nasdaq: AEP) today announced that it has entered into an agreement with Icahn Capital L.P. and certain of its affiliates, under which Hunter C. Gary, senior managing director at Icahn Enterprises L.P., and Henry (“Hank”) P. Linginfelter, retired executive vice president of Southern Company Gas, will join AEP’s Board of Directors, effective today.
Julie Sloat, AEP chair, president and chief executive officer, said, “On behalf of the Board, we welcome Hunter and Hank to AEP. Hunter’s experience providing operational oversight as an investor and public company director and Hank’s utility regulatory experience will serve us well as we continue to execute on our strategic priorities and enhance value for our shareholders. We are confident that their perspectives will add value in the boardroom as we continue to simplify and de-risk our operations, control costs and execute on our flexible and robust capital plan to provide safe, reliable and affordable service to our customers.”
“We look forward to working with Julie Sloat and the Board of Directors to optimize the value and performance of AEP’s high quality regulated electric utility business for the benefit of all of AEP’s stakeholders,” said Carl C. Icahn.
With the additions of Gary and Linginfelter, the Board will temporarily increase to 14 directors, 13 of whom are independent. Gary and Linginfelter will stand for election at AEPs 2024 Annual Meeting of Shareholders as part of the company’s recommended slate of director nominees, following which the Board will once again be comprised of 12 directors. Gary’s appointment is subject to certain regulatory approvals, and he will have voting rights on the Board after those approvals are received.
Additionally, the Board has invited Andrew J. Teno, portfolio manager at Icahn Capital, to serve as a non-voting observer in Board meetings. Teno brings significant relevant industry expertise given his experience as a Board member of FirstEnergy, Southwest Gas Corporation and Cheniere Energy, Inc., among others.
Icahn Capital and certain of its affiliates have agreed to customary standstill, voting commitments and other provisions. The agreement will be filed on a Form 8-K with the Securities and Exchange Commission.
J.P. Morgan Securities LLC is serving as financial advisor and Simpson Thacher & Bartlett LLP is serving as legal counsel to AEP.
About AEP At American Electric Power, based in Columbus, Ohio, we understand that our customers and communities depend on safe, reliable and affordable power. Our nearly 17,000 employees operate and maintain more than 40,000 miles of transmission lines, the nations largest electric transmission system, and more than 225,000 miles of distribution lines to deliver power to 5.6 million customers in 11 states. AEP also is one of the nations largest electricity producers with nearly 29,000 megawatts of diverse generating capacity, including approximately 6,100 megawatts of renewable energy. AEP is investing $43 billion over the next five years to make the electric grid cleaner and more reliable. We are on track to reach an 80% reduction in carbon dioxide emissions from 2005 levels by 2030 and have a goal to achieve net zero by 2045. AEP is recognized consistently for its focus on sustainability, community engagement and inclusion. AEPs family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. For more information, visit aep.com.

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American Electric Power (AEP) Appoints Hunter C. Gary and Henry P. Linginfelter to its Board

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American Electric Power Appoints Hunter C. Gary and Henry P. Linginfelter to its Board

American Electric Powers (Nasdaq: AEP) Board of Directors has elected William J. "Bill" Fehrman as president and chief executive officer, effective Aug. 1, 2024. Fehrman brings decades of utility operational leadership experience and in-depth knowledge of the energy industry. Most recently, he served as president and CEO of Centuri Holdings, where he helped to successfully launch Centuri as a public company, while leading their efforts to partner with regulated utilities to build, modernize and maintain energy infrastructure. Prior to that, he was president and CEO of Berkshire Hathaway Energy, where he drove significant financial growth and implemented key customer service initiatives. Fehrman also led MidAmerican Energy Company, PacifiCorp Energy and Nebraska Public Power District as president and CEO. "Bill is an accomplished leader and industry veteran with a proven ability to drive operational excellence, produce strong financial results and deliver for customers and stakeholders," said Sara Martinez Tucker, chairman of the AEP Board of Directors. "He led one of the nations largest electric utility companies and a utility infrastructure firm, and his expertise and unique perspectives will help AEP implement new solutions as we build the energy system of the future to power our communities. His diverse background in finance, operations, regulatory matters, safety, cybersecurity and renewable energy will be instrumental to advancing our strategic vision. As our industry continues to change rapidly, the Board is confident that Bill is the right person to seize the opportunities ahead and lead AEP in this next chapter." Fehrman is AEPs 13th president and ninth CEO in the companys 118-year history. He will succeed Ben Fowke, who has been serving as interim CEO since February 2024. Fowke, who was elected to the Board in 2022 and will continue as a board member, will serve as a senior advisor for several months to ensure a smooth transition. "Ive spent my entire career in the energy business, and Im honored to join a renowned industry leader like AEP during a pivotal time for the organization and our industry," Fehrman said. "AEP has built a strong foundation with a long history of solid operational and financial results and a focus on customers. Im committed to building on the companys legacy of success and service by strengthening relationships with our stakeholders and continuing to execute our robust capital plan to enhance the resiliency of the grid and transform the companys generation portfolio. I see incredible potential in this company, and I look forward to working with the best-in-class team at AEP to continue delivering safe, reliable and affordable service to customers and advancing our long-term growth strategy." Tucker continued, "I want to thank Ben for stepping into this interim CEO role and immediately providing exceptional leadership and guidance, setting the company up for success and driving value for our stakeholders. Were grateful that he will serve as a senior advisor to the company to ensure a smooth transition and know he will continue to play a key role in shaping our strategy as a member of the Board." AEP also announced today that Linda A. Goodspeed is retiring from AEPs Board of Directors, effective July 31, 2024. "Throughout her nearly 20-year tenure on the Board, Linda has provided invaluable counsel and leadership to AEP as the company navigated the changing industry landscape," Tucker said. "Were grateful for her dedicated service to the company and wish her all the best in retirement." About William J. "Bill" Fehrman Fehrman, 63, has been president and CEO of Centuri Holdings since January and previously served as president, CEO and a director of Berkshire Hathaway Energy (BHE), a subsidiary of Berkshire Hathaway, since 2018. From 2007 to 2018, Fehrman was president and CEO of MidAmerican Energy Company (MEC), which was acquired by BHE in 1999. Previously, he served in a variety of roles including senior vice president of BHE, president and CEO of PacifiCorp Energy and president and CEO of Nebraska Public Power District. Fehrman currently serves on the Boards of Centuri Holdings, Inc. and Vestas Wind Systems A/S. He earned a Bachelor of Science degree in Civil Engineering from the University of Nebraska and an MBA from Regis University. About American Electric Power At American Electric Power, based in Columbus, Ohio, we understand that our customers and communities depend on safe, reliable and affordable power. Our nearly 17,000 employees operate and maintain more than 40,000 miles of transmission lines, the nations largest electric transmission system, and more than 225,000 miles of distribution lines to deliver power to 5.6 million customers in 11 states. AEP also is one of the nations largest electricity producers with approximately 29,000 megawatts of diverse generating capacity, including nearly 6,000 megawatts of renewable energy. AEP is investing $43 billion over the next five years to make the electric grid cleaner and more reliable. We are on track to reach an 80% reduction in carbon dioxide emissions from 2005 levels by 2030 and have a goal to achieve net zero by 2045. AEP is recognized consistently for its focus on sustainability, community engagement and inclusion. AEPs family of companies includes utilities AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. For more information, visit aep.com.

American Electric Power Appoints William J. "Bill" Fehrman as President and Chief Executive Officer

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Linda is currently a Board of Director at Mid Ocean Partner/Lynx Franchise since February 2021. She retired as the managing partner and Chief Operating Officer of WealthStrategies Financial Advisors, LLC. Prior to that, she was the Senior Vice President and Chief Information Officer at The ServiceMaster Company. Before her role at ServiceMaster, she served as the Vice President of Information Systems at Nissan North America, Inc. Linda also holds board positions at Darling Ingredients Inc., AutoZone, and American Electric Power since 2006.

Her most recent board position was at Williams Industrial Services Group, LLC from November 2021 to October 2023. Before that, she was an Enterprise 50 Advisor at World 50, Inc from June 2017 to December 2019. Linda was a Board of Director at Global Power Equipment Group from May 2016 to May 2018. Prior to that, she was the Retired Chief Operating Officer at WealthStrategies Financial Advisors from October 2007 to April 2017 and a Board of Director at Columbus McKinnon from 2004 to 2017.

Lindas previous roles include SVP CIO at ServiceMaster from 2011 to 2014, VP IS CIO Americas at Nissan from March 2008 to October 2011, and EVP CTO at Lennox International from September 2001 to December 2007. She also served as President COO at Partminer from December 2000 to December 2001 and GM Cooking Products at GE Appliances from December 1994 to December 2000.

She began her career as an Engineering Management at Nissan Research and Development from December 1989 to December 1994 and as an Engineer at Ford Motor Company from June 1984 to December 1989. Linda holds an MBA from the University of Michigan (1989 - 1991) and completed the Accredited Asset Management Specialist program at the College for Financial Planning in 2014.

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American Electric Power Appoints Hunter C. Gary and Henry P. Linginfelter to its Board

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