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PPL Corp. has promoted Francis X. Sullivan to chief operating officer and executive vice president, effective Jan. 1.
Sullivan succeeds Gregory N. Dudkin, who is on extended medical leave and not expected to return to the company.
Sullivan will report to Chief Executive Officer and President Vincent Sorgi. He will oversee PPL’s regulated utility operations, and the presidents of the utility’s Kentucky, Pennsylvania and Rhode Island companies will report to him.
Dudkin remains an executive vice president while on leave.
“Greg has been an exceptional leader and colleague, someone who has always been focused on delivering the highest levels of service to our customers, developing high-performing teams and inspiring a culture of innovation within PPL,” Sorgi said in a company statement.
“He will be missed, and we wish Greg and his family the very best as they deal with these difficult times,” Sorgi said. “At the same time, I have complete confidence in Fran (Sullivan) and our operations leadership team.”
Sullivan has more than four decades of experience in the energy industry. He started with Allentown-based PPL as vice president of operations performance in 2021. He has also worked at Kindle Energy LLC, as an independent consultant, as a senior vice president of operations at NRG Energy, and before that, with Public Service Enterprise Group. He has degrees from Union College and Drexel University.
“Fran’s strong leadership skills, insight and experience will make him an excellent addition to our executive leadership team as we continue to transform PPL and to position it for growth and success in a changing energy landscape,” said Sorgi.
Sullivan’s annual base salary will be $620,000, according to a PPL filing with the U.S. Securities and Exchange Commission. Based on incentives, he could earn more than $1 million more over three years, on top of the base.
Sullivan, 66, will be eligible for a short-term incentive equal to 80% of his annual base salary, or $496,000. There is a long-term incentive, based on performance over three years, of 200% of his annual base, or $1.24 million.
PPL incentive awards are based on total shareowner returns; environmental, social and governance (ESG) targets and earnings growth.
PPL provides electricity and natural gas to 3.5 million U.S. customers. Shares in the company are traded on the New York Stock Exchange under the ticker symbol PPL. The company’s market capitalization (current share price times number of shares outstanding) is $22 billion.
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