American Electric Power, one of the nation’s largest utilities, said June 26 its Board of Directors has selected industry insider Bill Fehrman as its president and CEO, effective Aug. 1. 

Fehrman replaces Julie Sloat, who parted ways with AEP in February after just a year in the top job. Former Xcel CEO and AEP board member Ben Fowke, who has been running the company on an interim basis since then, will serve as a senior adviser during the transition. (See Interim CEO Fowke Explains AEP Leadership Change.) 

AEP’s new leader brings decades of industry experience. As infrastructure services company Centuri Holdings’ CEO, he helped launch the organization as a public company. Before that, he led Berkshire Hathaway Energy, MidAmerican Energy, PacifiCorp Energy and the Nebraska Public Power District. 

Fehrman said in a statement he was honored to join a “renowned industry leader” during the energy transition’s “pivotal time.” 

“AEP has built a strong foundation with a long history of solid operational and financial results and a focus on customers,” he said. “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.” 

“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,” board Chair Sara Martinez Tucker said. “His expertise and unique perspectives will help AEP implement new solutions as we build the energy system of the future to power our communities.” 

AEP has 5.6 million customers in 11 states and several RTO markets. The Columbus, Ohio-based company says it plans to invest $43 billion over the next five years to make the electric grid cleaner and more reliable. It plans to reduce carbon dioxide emissions 80% from 2005 levels by 2030 and to achieve net zero by 2045.