Xcel Energy on Thursday said that Ben Fowke will retire after 10 years as CEO and having turned the company into one of the nation’s largest provider of wind energy.
Fowke’s retirement is effective Aug. 18, but he will remain on the Xcel board of directors as executive chairman during a transition period with a focus on national energy policy. COO Bob Frenzel will succeed him as CEO.
Late last year, Xcel became one of two companies with more than 10 GW of wind energy on its system, thanks to Fowke’s “steel-for-fuel” strategy launched in 2017. Berkshire Hathaway Energy is the other, having also reached the mark during the fourth quarter of 2020.
Under Fowke’s leadership, Xcel has met or exceeded its carbon-reduction goals and financial commitments every year. The company became the nation’s first major energy company to announce a vision to deliver 100% carbon-free electricity to its customers by 2050; it exceeded 50% reduction last year, compared to 2005 levels.
David Hudson, president of Xcel Energy’s Texas and New Mexico subsidiary, Southwestern Public Service, praised Fowke’s leadership in an email to RTO Insider.
“I have worked with Ben for over 20 years,” Hudson said. “I have always respected and appreciated his bold and strategic leadership. Xcel Energy has made continuous progress over his 10 years as CEO.”
“Ben has been an outstanding leader for Xcel Energy and a champion — at the company and throughout our industry — for building a clean energy future while maintaining affordability and reliability for our customers,” Chris Policinski, Xcel’s lead independent director, said in a press release.
Fowke was named CEO in August 2011. He chairs the Edison Electric Institute and serves on the boards of the Nuclear Energy Institute and the National Infrastructure Advisory Council, the latter of which is a private-public partnership that advises the U.S. president and agencies at all levels of government on mitigating risk and ensuring the integrity of critical infrastructure.
Frenzel joined Xcel as CFO in 2016. He was previously CFO at Luminant, a Vistra subsidiary.
“We have worked closely together for five years, and I am thrilled to be handing off the job to a strong successor,” Fowke said in a statement.
Xcel’s stock gained 95 cents Thursday, closing at $71.12. It was trading at $23.31/share when Fowke’s tenure began.
