WEC En­ergy CEO suf­fers ap­par­ent stroke

Milwaukee Journal Sentinel - - BUSINESS - JOE TASCHLER

Mil­wau­kee-based util­ity com­pany WEC En­ergy Group said Thurs­day that its chief ex­ec­u­tive, Allen L. Lev­erett, is hos­pi­tal­ized and re­ceiv­ing med­i­cal treat­ment due to what is be­lieved to have been a stroke.

On Thurs­day, the com­pany’s board of di­rec­tors ap­pointed Gale E. Klappa to serve as in­terim CEO “un­til Lev­erett can re­turn to his nor­mal du­ties,” ac­cord­ing to a state­ment from WEC En­ergy.

The com­pany also filed pa­per­work with the Se­cu­ri­ties and Ex­change Com­mis­sion re­gard­ing the change to an in­terim CEO.

Klappa, 67, has been non-ex­ec­u­tive chair­man of the com­pany’s board since his retirement as CEO in 2016. He will con­tinue to serve as chair­man of the board.

Lev­erett, 51, has served as CEO of the $7.5 bil­lion com­pany since May 1, 2016.

The an­nounce­ment Thurs­day was made af­ter the close of stock trad­ing. The com­pany’s shares closed Thurs­day at $65.57. The com­pany’s shares, ad­justed for div­i­dends, are up nearly 17% in the past 52 weeks.

WEC En­ergy Group serves 4.4 mil­lion cus­tomers in Wis­con­sin, Illi­nois, Michi­gan and Min­nesota. The com­pany has about 8,500 em­ploy­ees.

WEC En­ergy Group’s util­i­ties in­clude We En­er­gies, the largest util­ity in Wis­con­sin.

WEC En­ergy Group also owns Peo­ples Gas and North Shore Gas, which to­gether serve more than 1 mil­lion cus­tomers in Chicago and its north­ern sub­urbs.

WEC’s other util­i­ties in­clude Green Bay-based Wis­con­sin Pub­lic Ser­vice, Michi­gan Gas Util­i­ties, Min­nesota En­ergy Re­sources and Up­per Michi­gan En­ergy Re­sources.

The com­pany’s other ma­jor sub­sidiary, We Power, de­signs, builds and owns elec­tric gen­er­at­ing plants.

Lev­erett was re­cruited to WEC En­ergy by Klappa and the two are very close, said WEC spokesman Barry McNulty.

Klappa and Lev­erett each joined the com­pany in 2003.



Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.