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MINNEAPOLIS - Xcel Energy Inc. (NASDAQ: NASDAQ:XEL), a utility company serving multiple Western and Midwestern states with a market capitalization of $41.28 billion, has announced the upcoming retirement of its Chief Operations Officer, Timothy O’Connor. According to InvestingPro data, the company has demonstrated remarkable stability with a 54-year track record of consecutive dividend payments and maintains a healthy 3.16% dividend yield. After nearly 20 years with the company, O’Connor will retire this summer. As part of the company’s succession planning, two internal executive appointments have been made effective May 1.
Scott Sharp (OTC:SHCAY), currently overseeing Energy Supply and Commercial Operations, will take on the role of Executive Vice President, Chief Generation Officer. His expanded responsibilities will include the oversight of Nuclear operations. Michael Lamb, who has led the Customer Delivery group since last year, will become Executive Vice President, Chief Delivery Officer, and will also oversee the Major Projects Group. Both executives will join the company’s Executive Committee and report to Chairman, President, and CEO Bob Frenzel.
O’Connor will transition to an advisory role through August, providing guidance during the handover period. He joined Xcel Energy in 2007 and has held various leadership positions, including leading the Nuclear group and serving on several industry advisory committees. The company’s steady leadership has contributed to its strong performance, with InvestingPro analysis showing a remarkable 51% total return over the past year and notably low price volatility.
Sharp and Lamb bring a combined experience of nearly 65 years at Xcel Energy. Their appointments are seen as a continuation of the company’s emphasis on safety, operational excellence, and continuous improvement. Frenzel expressed confidence in their leadership and expertise to advance the company’s service to its customers.
Xcel Energy is known for its commitment to reducing carbon emissions and delivering clean energy from renewable sources while maintaining competitive prices. The company’s leadership changes are part of its ongoing efforts to ensure strong governance and strategic oversight. This news is based on a press release statement from Xcel Energy.
In other recent news, Xcel Energy Inc. reported mixed results for the fourth quarter, with earnings per share (EPS) of $0.81, falling short of the analyst consensus of $0.89. The company’s revenue for the quarter was $3.12 billion, significantly below the expected $3.77 billion. Despite these results, Xcel Energy reaffirmed its 2025 EPS guidance range of $3.75 to $3.85, aligning closely with the current analyst consensus. Furthermore, Xcel Energy announced a dividend increase to 57 cents per share, marking a 4.1% rise, continuing its two-decade streak of annual dividend growth. Additionally, Xcel Energy received approval from the Minnesota Public Utilities Commission for its comprehensive resource plan, which includes significant expansions in renewable energy and storage capacity. This plan involves the construction of a 420 MW combustion turbine and a 300 MW battery energy storage system, along with the addition of 3,200 MW of wind, 400 MW of solar, and 600 MW of stand-alone storage by 2030. The commission also approved life extensions for the Prairie Island and Monticello nuclear plants into the early 2050s. These developments reflect Xcel Energy’s ongoing strategic initiatives and commitment to sustainable energy solutions.
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