Xcel Energy’s Fowke announces plans to retire as CEO in August
May 13 2021 - 8:50AM
Business Wire
Bob Frenzel to be named company’s next CEO
Xcel Energy announced Thursday that Ben Fowke, chairman and CEO,
will retire as CEO effective Aug. 18, 2021, though he will continue
to serve on the Xcel Energy Board of Directors as executive
chairman. Bob Frenzel, president and chief operating officer, will
become the company’s next CEO and president.
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Ben Fowke (Photo: Business Wire)
“Bob is an outstanding and proven business leader who delivers
excellent operational and financial performance, and is also
passionate about engaging with our employees, communities,
customers and stakeholders,” Fowke said. “We have worked closely
together for five years, and I am thrilled to be handing off the
job to a strong successor.”
Frenzel joined Xcel Energy as chief financial officer in 2016,
leading the company’s finance, tax, accounting and corporate
development functions, as well as its subsidiary companies. He was
named president and chief operating officer in March 2020, and
currently oversees Xcel Energy’s four operating companies, along
with its transmission, distribution and natural gas operations.
“I am honored and humbled by the support and confidence that Ben
and the Board of Directors have placed in me,” Frenzel said. “Xcel
Energy is in a strong position thanks to Ben’s leadership. I am
excited for the opportunity to assume this leadership role at one
of the most consequential organizations in energy, where we
continue to pursue our strategic priorities, provide outstanding
value, and deliver on our potential every day to our customers,
communities and shareholders.”
This transition is the next step in Xcel Energy’s long-term,
strategic succession planning process. Though Fowke will retire as
CEO in August, he will continue to serve on the Xcel Energy Board
of Directors as executive chairman during a transition period. As
executive chair, he will focus on national energy policy and will
continue to work closely with Frenzel.
“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. His financial and business acumen,
passion for our customer-focus, concern for our communities and
commitment to building a strong, diverse talent pipeline have
strengthened the company and positioned us well for the future,”
said Chris Policinski, lead independent director.
Fowke was named Xcel Energy’s chair, president and CEO in August
2011, and during his tenure the company has met or exceeded its
carbon reduction goals and financial commitments every year. Under
his leadership, Xcel Energy became the first major energy company
in the nation to announce a vision to deliver 100% carbon-free
electricity to its customers by 2050. The company has already made
significant strides toward that vision, achieving a 51% carbon
emissions reduction in 2020, compared to 2005 levels. Fowke also
launched the company’s Steel for Fuel strategy in 2017, which led
to one of the largest multi-state wind energy expansions in the
country, making Xcel Energy one of the only companies with more
than 10,000 megawatts of wind energy on its system.
As CEO, Fowke became a national leader among his energy industry
peers and is currently chair of the Edison Electric Institute, the
national association of investor-owned electric companies. He also
serves on the board of the Nuclear Energy Institute and on the
National Infrastructure Advisory Council, a private-public
partnership that advises the President and governmental agencies on
mitigating risk and ensuring the integrity of the country’s
critical infrastructure. Fowke will continue to participate in
these groups during the transition period.
Frenzel served as chief financial officer for Luminant, the
Energy Future Holdings, Inc. competitive power generating
subsidiary, prior to his roles at Xcel Energy. He also worked as
vice president in the investment banking division of Goldman Sachs,
following his tenure as a manager and senior consultant in the
strategy, finance and economics practice at Arthur Andersen. After
college, he served in the United States Navy for six years, working
as a nuclear engineering officer and weapons officer. Following
active duty, he served in the Navy Reserves and was promoted to
lieutenant commander. Frenzel earned his bachelor’s degree in
industrial engineering from Georgia Tech and his master’s degree in
business administration from the University of Chicago Booth School
of Business.
About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the energy that powers
millions of homes and businesses across eight Western and
Midwestern states. Headquartered in Minneapolis, the company is an
industry leader in responsibly reducing carbon emissions and
producing and delivering clean energy solutions from a variety of
renewable sources at competitive prices. For more information,
visit xcelenergy.com or follow us on Twitter and Facebook.
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