1. Joseph G. Sauvage joins AEP Board, enhancing strategic direction. 2. Sauvage brings over 16 years of power industry expertise. 3. AEP plans to invest $54 billion for future energy demands. 4. Leadership change with Donna James not re-standing for election. 5. AEP aims for operational excellence in energy services.
Sauvage's vast experience can guide AEP through industry challenges. AEP’s significant investment plans may attract investor confidence, similar to past strategic hires.
The appointment of an experienced board member can enhance strategic insights and stakeholder confidence, influencing long-term growth.
Strategic investments and board expertise impact growth over several years, aligning with AEP's broader goal of modernization.
Joseph G. Sauvage, retired vice chairman and chairman of Global Power, Utilities and Renewables of Citigroup, today was elected to the American Electric Power (Nasdaq: AEP) Board of Directors.
Sauvage led Citigroup's Global Power, Utilities and Renewables practice for more than 16 years. Prior to joining Citigroup, he held various investment banking roles at Lehman Brothers, including vice chairman and global head of Power, Utilities and Renewables. Sauvage served as a vice chairman of the Wall Street Advisory Group and was a member of the executive committee for the Electric Power Research Institute Advisory Council.
"AEP strives to achieve a mix of directors with skills and experience that align with the company's long-term strategy," said Sara Martinez Tucker, chairman of the AEP Board of Directors. "Joe's deep understanding of the opportunities facing our industry, as well as his insight into complex capital raises and market dynamics, will bring a valuable perspective to the Board."
"Joe's strategic and financial expertise will be helpful as we invest in a reliable, modern energy system to serve our customers and support once-in-a-generation load growth," said AEP President and Chief Executive Officer Bill Fehrman. "We are grateful to have Joe on the Board and welcome his guidance."
Donna James did not stand for re-election to the Board of Directors for personal reasons.
"We thank Donna for her leadership and contributions to the company and wish her all the best moving forward," Tucker said.
Our team at American Electric Power (Nasdaq: AEP) is committed to improving our customers' lives with reliable, affordable power. We are investing $54 billion from 2025 through 2029 to enhance service for customers and support the growing energy needs of our communities. Our nearly 16,000 employees operate and maintain the nation's largest electric transmission system with 40,000 line miles, along with more than 225,000 miles of distribution lines to deliver energy to 5.6 million customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 29,000 megawatts of diverse generating capacity. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement. Our family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia, West Virginia and 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. AEP is headquartered in Columbus, Ohio. For more information, visit aep.com.