By Michael Dabaie

 

Xcel Energy on Thursday said Chairman and Chief Executive Ben Fowke would retire as CEO effective Aug. 18.

Bob Frenzel, president and chief operating officer, will become the company's next CEO and president.

Though Mr. Fowke will retire as CEO in August, he will continue to serve on the Xcel board as executive chairman during a transition period.

Mr. Frenzel joined Xcel Energy as chief financial officer in 2016. 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.

Mr. Frenzel served as CFO for Luminant, the Energy Future Holdings Corp. 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.

Mr. Fowke was named Xcel Energy's chair, president and CEO in August 2011.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

May 13, 2021 09:26 ET (13:26 GMT)

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