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MADISON, Wis. - Alliant Energy Corporation (NASDAQ: LNT), a utility company with a market capitalization of $16 billion and a notably low beta of 0.54, has announced the appointment of Patrick Allen as the new Independent Board Chair, a transition slated to take effect after the company’s Annual Meeting of Shareowners in May 2025. Allen will succeed John Larsen, who has been in the role since 2019 and is concluding his term upon retirement.
Allen, a member of Alliant Energy’s Board since 2011, brings a wealth of financial expertise to his upcoming role as Board Chair. His previous experience includes serving as Chief Financial Officer at Collins Aerospace until his retirement in 2020 and holding the position of Senior Vice President and Chief Financial Officer at Rockwell Collins, Inc. from 2005 to 2018. According to InvestingPro data, under the current leadership, the company maintains a P/E ratio of 23.24 and generates annual revenue of approximately $4 billion.
The Lead Independent Director, Carol Sanders, expressed confidence in Allen’s strategic insight and the positive impact anticipated from his leadership. Lisa Barton, president and CEO of Alliant Energy, echoed this sentiment, highlighting Allen’s potential to bolster the company’s dedication to customers, innovation, and responsible growth.
Allen himself expressed honor in accepting the responsibility and eagerness to collaborate with the executive team and board members to advance the company’s strategy and deliver results for investors, customers, and employees.
This leadership change comes as Alliant Energy continues to serve around 1 million electric and 430,000 natural gas customers in Iowa and Wisconsin. The company is known for its commitment to safe, efficient, and responsible energy solutions. Alliant Energy is listed on the S&P 500 and is recognized in Bloomberg’s Gender-Equality Index.
The information in this article is based on a press release statement from Alliant Energy Corporation.
In other recent news, Alliant Energy Corp. experienced a credit rating downgrade by S&P Global Ratings due to weak financial metrics. The downgrade came as the company’s funds from operations-to-debt ratio fell below the threshold set by S&P, largely due to increased capital spending aimed at supporting data center growth. Despite this, S&P maintains a stable outlook for Alliant Energy, expecting financial measures to be supported by rate case orders and tax credit monetization. In related developments, Alliant Energy’s subsidiaries, Interstate Power & Light Co. and Wisconsin Power & Light Co., also saw their credit ratings reduced by one notch each. Meanwhile, Allient Inc. reported strong fourth-quarter results, with adjusted earnings per share of $0.31, surpassing the expected $0.22. Revenue for the quarter was $122 million, slightly higher than the anticipated $119.71 million, although it marked a 13% decline year-over-year. The company attributed its success to operational improvements and cost discipline, achieving steady gross margins despite lower sales volume. Allient Inc. plans further cost savings in 2025, aiming for an additional $6-7 million through continued operational enhancements.
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