RTTNews | May 13, 2021 09:16AM EDT

09:15 Thursday, May 13, 2021 (RTTNews.com) - Xcel Energy, Inc. (XEL) announced Thursday that Chairman and CEO Ben Fowke will retire as CEO, effective August 18, 2021. Bob Frenzel, president and chief operating officer, will become the company's next CEO and president. This transition is the next step in Xcel Energy's long-term, strategic succession planning process.

Meanwhile, Fowke 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.

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.

Frenzel joined Xcel Energy as CFO in 2016 and was named president and chief operating officer in March 2020. He served as CFO for Luminant, the Energy Future Holdings, Inc. prior to his roles at Xcel Energy.

Frenzel 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.

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