ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On October 21, 2021, as part of WEC Energy Group, Inc.’s (the “Company”) long-term succession plan, the Board of Directors of the Company (the “Board”) approved certain management changes.
The Board appointed Scott J. Lauber, the Company’s Senior Executive Vice President and Chief Operating Officer since June 1, 2020, to replace J. Kevin Fletcher as President and Chief Executive Officer of the Company, effective February 1, 2022. Mr. Fletcher, who announced his plan to retire in June 2022, will serve as a senior adviser from February 1, 2022 until his retirement to help with a smooth transition.
Mr. Lauber will report to Gale E. Klappa, Executive Chairman of the Board, who will continue to serve in that role until May 2024.
In addition to serving as Senior Executive Vice President and Chief Operating Officer of the Company, Mr. Lauber, age 56, serves in senior leadership roles at the Company’s significant utility and non-utility subsidiaries. Mr. Lauber has served in a number of positions with increasing responsibilities since joining the Company in 1990. He was appointed Senior Executive Vice President effective February 2019 and Chief Financial Officer effective April 2016, a position he held until June 1, 2020. Prior to these appointments, Mr. Lauber held the following positions with the Company: Executive Vice President from April 2016 to February 2019; Treasurer from October 2018 to October 2019 and February 2013 to March 2016; and Vice President from February 2013 to March 2016.
Mr. Lauber’s and Mr. Fletcher’s compensation arrangements for their new roles have not yet been determined, but will be prior to February 1, 2022.