American Electric Power (NASDAQ:AEP) announced Wednesday that Nicholas Akins, CEO for the last 11 years, has resigned from his role as president of the company and been replaced by its current CFO, Julie Sloat.

In a brief press release, the Columbus-based utility said its board of directors would also promote Sloat as CEO beginning Jan. 1.

Sloat was named CFO in January 2021 after serving as a senior vice president of treasury and risk for two years and for nearly three years prior to that as president and COO of AEP Ohio.

AEP noted that Akins’ remaining time as CEO was part of the corporation’s “executive succession plan.” After Sloat takes over, he will become executive chair of the board, according to the release, and “will remain an executive and officer of the company.”

Akins has been president and CEO of AEP since 2011 and chairman of the board as well since 2014.

Outgoing AEP CEO Nicholas Akins | AEP

“Nick has transformed AEP during the 11 years that he has led the company. His focus on innovation, technology and modernization of the grid and AEP’s generation fleet is enabling clean, reliable and resilient energy to fuel growth in the communities that AEP serves,” Sara Martinez Tucker, lead director of the board, said in the release. “He also has built an open, collaborative culture that embraces diversity, equity and inclusion. AEP is fortunate that Nick has focused on developing a group of strong and capable leaders to ensure the company’s continued success.”

Akins praised Sloat as “an exceptional leader who has successfully led key strategic areas for the company. Her financial expertise and positive relationship with investors have been essential for the execution of our long-term strategy, enabling us to deliver strong earnings quarter after quarter while continuing to raise guidance and provide consistent dividend growth.”

“During her time as CFO, she has improved the financial performance of the company, and she also enhanced the performance and culture of AEP Ohio during the transition to competitive markets,” Tucker said. “The board is confident that she is the right person to lead AEP during this dynamic time for the industry and the company.”

Sloat initially joined AEP in 1999 as a credit risk analyst but left for 15 months in July 2008 to become vice president of investor relations job with Tween Brands, a clothing company. She returned to the utility in September 2009 as vice president of regulatory case management.

She has a bachelor’s degree in business administration with a double major in finance and economics and an MBA from Ohio State University. She completed the Nuclear Reactor Technology Program at the Massachusetts Institute of Technology.

“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,” Sloat said. “I’m honored to have the opportunity to lead an amazing team of nearly 17,000 employees.”