American Electric Power Company (AEP, Financial) has announced the election of Trevor I. Mihalik as the new Executive Vice President and Chief Financial Officer, effective January 20, 2025. This strategic appointment follows the resignation of Charles E. Zebula, who will transition to the role of Senior Advisor to the Chief Executive Officer until his anticipated retirement in March 2025.
Mr. Mihalik, aged 58, brings a wealth of experience to AEP, having previously served as Executive Vice President and Group President at Sempra, a utility holding company. His extensive background in finance includes roles such as Executive Vice President and Chief Financial Officer at Sempra, and Senior Vice President – Controller & Chief Accounting Officer at the same company. Additionally, he has held significant positions at Iberdrola Renewables Holdings, Inc., Chevron Natural Gas, and Bridgeline Holdings, L.P.
In his new role at AEP, Mr. Mihalik will receive an annual base salary of $975,000, with a short-term incentive target of 100% of his base salary. His compensation package also includes a $3,800,000 annual long-term incentive target, comprising 75% performance shares and 25% restricted stock units (RSUs). Furthermore, he will be granted $1,500,000 in RSUs upon his hire date, with vesting conditions tied to his continuous employment with AEP.
Charles E. Zebula, the outgoing CFO, will continue to receive his current salary and long-term incentive compensation until his retirement. However, he will not be eligible for short-term incentive compensation for his service in 2025. As part of his retirement package, certain RSUs will vest, while others will not due to his planned retirement date.
This leadership transition marks a significant step for AEP as it continues to strengthen its executive team and drive forward its strategic objectives.
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