MINNEAPOLIS--(BUSINESS WIRE)--
Richard C. Kelly today announced his intention to retire as chairman and
CEO of Xcel Energy effective Aug. 24, 2011, after 43 years with the
company. He made the announcement at Xcel Energy’s annual meeting of
shareholders in Minneapolis.
Richard C. Kelly (Photo: Xcel Energy)
Kelly also announced that Xcel Energy’s board of directors has elected
Benjamin G.S. Fowke III, currently president and chief operating
officer, to succeed him as chairman and CEO, effective upon Kelly’s
retirement.
Kelly, 64, has held various positions with Xcel Energy, including
president and CEO, chief operating officer and chief financial officer.
Prior to the merger forming Xcel Energy in 2000, he held a number of
finance-related positions with predecessor companies New Century
Energies and Public Service Company of Colorado. He has served on
numerous boards of directors for industry and community organizations,
and currently is completing his term as chairman of the national Edison
Electric Institute.
Before assuming his current responsibilities in August 2009, Fowke, 53,
held a variety of executive positions at the company, including
executive vice president and CFO from December 2008 to August 2009; vice
president and CFO from May 2004 to December 2008; vice president, CFO
and treasurer, October 2003 to May 2004; vice president and treasurer,
November 2002 to October 2003; and vice president and CFO of Energy
Markets business unit, August 2000 to November 2002. Prior to the 2000
merger of Northern States Power Co. and New Century Energies (NCE) to
form Xcel Energy in 2000, he was a vice president in the NCE Retail
business unit. Earlier in his career, Fowke worked for 10 years with
Next Era Energy, where he held various management positions.
Fredric W. Corrigan, lead director on the Xcel Energy board of directors
and retired CEO and president of The Mosaic Company, praised Kelly for
his outstanding leadership of the company and within the industry. “Dick
has done an extraordinary job managing the company’s operations while
developing an environmental platform that has established Xcel Energy as
a true leader in the industry,” he said.
“Xcel Energy has achieved remarkable results during Dick Kelly’s term as
CEO,” Corrigan added. “He and Ben Fowke have worked together closely
during this period, and the board has been impressed with Ben’s
leadership skills, business acumen and strategic approach. These are
challenging times for the energy industry, and the board looks forward
to working with Ben as the company builds on its strong foundation.”
Xcel Energy (NYSE: XEL) is a major U.S. electricity and natural gas
company that provides a comprehensive portfolio of energy-related
products and services to 3.4 million electricity customers and 1.9
million natural gas customers through its regulated operating companies
in eight Western and Midwestern states. Company headquarters are located
in Minneapolis. More information is available at xcelenergy.com.
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Source: Xcel Energy
Contact:
Xcel Energy
Xcel Energy Media Relations, 612-215-5300
www.xcelenergy.com