PPL moves executives into higher positions
PPL Corp. said Monday its chairman, president and CEO will soon relinquish one of his roles.
The Allentown energy-holding company announced that Vincent Sorgi was promoted to president and chief operating officer. Separately, the company said Joseph P. Bergstein Jr. was named senior vice president and chief financial officer.
William H. Spence will remain as chairman and CEO of the Fortune 500 company, according to a news release. The moves are effective July 1.
Spokesman Ryan Hill said Monday that Sorgi demonstrated that he’s “well qualified” to drive the company’s business plans, and the move is not tied to any near-term succession plan for Spence, 62.
“Just a matter of continued growth and development, and I think [Spence] and the board having confidence that Vince is ready for an expanded role,” Hill said.
Sorgi, 47, who has been PPL’s chief financial officer since June 2014, will lead execution of PPL’s long-term growth strategy and be responsible for the overall operational performance of PPL’s seven utilities in the United States and United Kingdom, according to the release. The heads of PPL’s U.K., Pennsylvania and Kentucky regulated utility businesses, and the head of the company’s renewables and distributed energy resources business will report to Sorgi.
Before assuming his role as executive vice president and CFO, Sorgi was vice president and controller for PPL’s former energy supply and marketing segment. He began at PPL in 2006 as financial director of its former generation subsidiary. He played a key role in leading PPL through the spinoff of its competitive generation business, according to the company.
Sorgi previously worked for Public Service Enterprise Group and Deloitte & Touche LLP. He holds a bachelor’s degree in accounting from Penn State and a Master of Business Administration from Villanova University.
Bergstein, 48, has been vice president of investor relations and corporate development and planning, and was previously treasurer. In his new role, Bergstein will be responsible for PPL’s accounting, treasury, financial planning, tax, risk management and investor relations functions.
Bergstein joined PPL in 1999 and led PPL’s investor relations efforts during PPL’s acquisition of utilities in Kentucky and its expansion in the U.K. He also led investor relations during the spinoff of PPL’s competitive generation business. He previously worked for AmeriGas Partners LP and earned a bachelor’s degree in business management from Bloomsburg University.
PPL employs about 1,300 people in the Lehigh Valley and has more than 12,000 employees overall. It delivers energy in Pennsylvania, Kentucky and the United Kingdom, with its PPL Electric Utilities subsidiary distributing electricity to about 1.4 million customers in 29 Pennsylvania counties, including Lehigh and Northampton.
Morning Call reporter Anthony Salamone can be reached at 610-820-6694 or asalamone@mcall.com.