Ben Fowke will retire in August after 10 years as chief executive of Xcel Energy Co., a period in which he turned Minnesota’s largest utility company into the nation’s largest provider of wind power.
Bob Frenzel, its current president and chief operating officer, will succeed him as CEO.
Fowke will remain on the Minneapolis-based company’s board and serve as executive chairman, focusing on national energy policy.
Fowke was named Xcel Energy’s chair, president and CEO in August 2011. His tenure was marked by Xcel’s deep investments in wind power.
Xcel has been the nation’s top wind energy utility for several years. Xcel was also the first major energy company in the nation to announce a goal of achieving 100% carbon-free electricity by 2050.
“Ben has been an outstanding leader for Xcel Energy and a champion – at the company and throughout our industry – for building a clean energy future while maintaining affordability and reliability for our customers,” Chris Policinski, Xcel’s lead independent director said in a statement.
Frenzel joined Xcel Energy as chief financial officer in 2016, previously having worked as CFO for Luminant, a subsidiary of Energy Future Holdings.
He has also worked as a vice president in Goldman Sachs’ investment banking division and before that was a senior consultant at Arthur Anderson. He served in the U.S. Navy for six years as a nuclear engineering and weapons officer.
“I am honored and humbled by the support and confidence that Ben and the Board of Directors have placed in me,” Frenzel said in a statement. “Xcel Energy is in a strong position thanks to Ben’s leadership.”
Xcel’s stock was at $70.55, up 38 cents in Thursday morning trading. The stock was around $28 when Fowke took over as CEO in 2011. After a few lean years, the stock began steadily rising in 2015.
Xcel’s two largest markets are Minnesota – where it is the largest electric utility and second largest gas provider – and Colorado. The company also has operations in Texas, New Mexico, Wisconsin, the Dakotas and Michigan’s Upper Peninsula.