american electric power

Fortune Staff

The 25th Fortune World’s Most Admired Companies list suggests that tech giants’ peers respect them as much as ever.

World's Most Admired Companies

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

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At more than 40,000 miles long, the Columbus, Ohio-based company's electricity transmission system is the nation's largest. AEP supplies power to about 5.5 mill

American Electric Power | 2023 World's Most Admired Companies

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American Electric Power

American Electric Power | 2023 World's Most Admired Companies | Fortune

Nick, everybody's talking about leadership these days not only in Washington but also in corporate America. As you look at the key characteristics of what makes a great leader, what's the one that you would single out? I think absolutely a leader has to provide a vision for the company. A vision that employees can have ownership in and buy into because if you can't lead employees to really feel ownership and feel like they are part of the solution That's just extremely important to have that in place and actually other stakeholders recognize that too whether it's legislators, whether it's commissions and commissioners, or customers. There has to be a belief that you're doing the right thing. Thing. You certainly have been an advocate for change at American Electric Power since you came in as chief executive, not only moving away from your coal operations but also bringing in more technologies and innovative ways of partnering. With other companies. You could have kept things just the way they were, that they've been going on for a 110 years, but you decided really to make a major transformation rather than just minor adjustments. Why did you decide that? Why was that important to do that? Our organization had run its course. We could not continue doing the way that we had done business the previous 110 years let alone the previous 10 years. For us to be successful, we were gonna have to focus on what customer expectations are. Not doing what we think is what's best for the customer. But reaching out to the customer as a partner and focusing on what that future of energy could be. So what goes with that then is that you have to also change the culture inside your company. Absolutely. To think more innovation and experimentation as opposed to doing it the same old way and how did you transform the thinking inside your company? That it is okay to take risks. You have to be consistent and real; ly focussed on very hard from the communication stand point and be visible to all the employees in the process because e were saying we expected this change to occur. There were supervisors, their were others in the organisation. Well, this is just the latest ferd, it will go away, we will continue doing business the way we have done. We have to prove over and over again my commitment and manager's commitment ensuring that we continue this process and we have. Another change that you've done since you took over as Chief Executive is really pushing to get women Into those C- suite high level or positions in the company also the board. I was very happy to that you are doing that at your company, why was this so important to you? Why was this on your agenda ?>> Because diversity is one of those areas where we have to think differently, we have to think together we come up with better solutions And so the introduction of women on my sea suite team have really engaged the entire group in different ways than we thought possible. And I think when you address the workforce development issues of tomorrow We can't achieve the objectives we have for hiring people, for insuring that there's a culture in place that's open, collaborative, and people can demonstrate their ideas without having a focus on diversity. Do you have a goal, a number that you wanna reach? It'd be great if it was 50 / 50 or something like that from a gender perspective, because that represents the population. I really think that we're at the front- end stages Fully understanding the nature in which, not only women make decisions about moving to the C suite, for example. We have to have a deeper understanding of that. It's not just a matter of mentoring. It's a matter of sponsorship. Nick, as you look back on your very long, and successful career, what was the best leadership advice that you ever received? And why did it stay with you all these years, and shape you as a leader? Really the best advice I have gotten really came from my parents, but even some of the early mentors that I had in the industry and it was don't forget where you came from. No matter what. In this position if you aspire to be a CEO, you have to be able to identify with everyone at every strate in the organization. You have to be able to talk to the front line employee in the business, and be talking with the governor or the president in the evening. And you really have to understand where you came from in that process and what employees feel. Because if you don't do that and you're disjointed from what they're thinking. There's no way you can be successful as a leader. [ BLANK_AUDIO ]

American Electric Power Wants More Women in the C-Suite

Leadership

American Electric Power

Company Information

World's Most Admired Companies
As of 2/1/2023

American Electric Power

Company Information

World's Most Admired CompaniesAs of 2/1/2023

World's Most Admired Companies
As of 2/1/2023