Centuri Holdings Announces CEO Departure as Bill Fehrman Joins AEP

Centuri Holdings has announced that CEO Bill Fehrman will step down from his role on July 31, 2024, to take up the position of CEO at American Electric Power. Paul Caudill will replace Fehrman as Interim President and CEO, while Fehrman will continue as a board member until a permanent CEO is appointed.

Centuri Holdings, Inc. (NYSE: CTRI), a leading utility infrastructure services provider, announced on [NUMBER:1] that its President and CEO, Bill Fehrman, will be stepping down from his role on July 31, 2024, to take up the CEO position at American Electric Power (Nasdaq: AEP). Fehrman will continue as a board member until a permanent CEO is appointed [1].

Paul Caudill, a former CEO of NV Energy, a Berkshire Hathaway Energy portfolio company, and a Senior Advisor to the Centuri CEO, has been appointed as interim President and CEO of Centuri. Caudill brings extensive experience in the energy, utility, and industrial sectors, having spent many years in the same industry as Fehrman.

Centuri's Board of Directors expressed gratitude to Fehrman for his contributions to the company's growth over the past decade. During his tenure, Fehrman led the company through its successful launch as a public entity earlier this year. Centuri's focus on safety, long-term growth, and customer growth at the operating companies has been instrumental in its success [1].

Fehrman expressed confidence in the strategy that has been implemented at Centuri and wished the company continued success in his absence. He expressed enthusiasm about the opportunity to lead American Electric Power, one of the nation's largest publicly traded utility companies [1].

The Centuri Board of Directors emphasized that the company's strategic plan, which includes optimizing costs, effectively allocating capital, and maintaining a balanced approach to growth, will remain in place under Caudill's leadership. They expressed confidence in his ability to execute the plan and maintain Centuri's focus on customer growth and operational excellence [1].

[1] Source: MarketScreener.com. Centuri Announces Leadership Transition. (2024, April 2). https://www.marketscreener.com/quote/stock/CENTURI-HOLDINGS-INC-168662789/news/Centuri-Announces-Leadership-Transition-47251056/