Xcel Energy Appoints Bob Frenzel To Succeed Ben Fowke As CEO - Quick Facts

(RTTNews) - Xcel Energy, Inc. (XEL) announced Thursday that Bob Frenzel has been appointed president and CEO of the company. Ben Fowke, the current chairman and CEO since 2011, will remain at Xcel Energy as executive chairman of the Board of Directors. Tim O'Connor was also named executive vice president and chief operations officer.

Frenzel joined Xcel Energy as chief financial officer in 2016, leading the company's finance, tax, accounting and corporate development functions, as well as its subsidiary companies. He was named president and chief operating officer in March 2020. As executive chair of Xcel Energy, Fowke will focus on national energy policy and will continue to work closely with Frenzel.

Frenzel served as chief financial officer for Luminant, the Energy Future Holdings, Inc. competitive power generating subsidiary, prior to his roles at Xcel Energy. He 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.

O'Connor has served as Xcel Energy's EVP and chief generation officer since 2020, and now moves into the role of chief operations officer where he will oversee nuclear generation, energy supply, supply chain, commercial operations, distribution, transmission and the company's natural gas business.