In a statement based on a recent SEC filing, WEC Energy Group (NYSE:WEC), Inc. announced the expansion of its Board of Directors from 12 to 14 members, including the appointment of two new directors effective January 1, 2025.
Warner Baxter (NYSE:BAX), former executive chairman of Ameren Corp (NYSE:AEE)., and John Lange, recently retired global head of the Energy and Industrials Groups at Barclays PLC, will join the board following their respective retirements from distinguished careers in the energy and financial sectors.
Baxter's extensive experience includes over 28 years at Ameren Corp, where he held several leadership roles, including chairman, president, and CEO from 2014 to 2021. He retired as executive chairman in November 2023.
Lange's career in investment banking spans over 28 years, culminating in his role at Barclays, which he retired from on April 1, 2024. He also served on the Investment Banking Management Committee and led the Global Power M&A Group at Lehman Brothers.
The specific committee assignments for the new directors have not been determined at this time. However, both Baxter and Lange will receive compensation under WEC Energy's standard program for non-employee directors, as detailed in the company's Proxy Statement filed on March 28, 2024.
This expansion is part of WEC Energy's ongoing director succession planning process. WEC Energy Group, headquartered in Milwaukee, Wisconsin, operates in the electric and other services combined industry. The company's common stock is traded on the New York Stock Exchange under the ticker symbol NYSE:WEC.
The information about the board changes and the backgrounds of the new directors comes directly from the company's latest 8-K filing with the Securities and Exchange Commission.
In other recent news, WEC Energy Group declared a quarterly cash dividend of 83.50 cents per share, marking its 329th consecutive quarter of dividends. WEC Energy's second-quarter earnings report revealed an earnings per share (EPS) of $0.67, surpassing both BMO Capital's and consensus estimates, despite a decline of $0.25 per share year-over-year.
The company has also disclosed plans to sell up to $1.5 billion of its common stock through an equity distribution agreement with financial institutions such as Barclays Capital Inc., BofA Securities, Inc., and J.P. Morgan Securities LLC. BMO Capital Markets and Goldman Sachs have adjusted their price targets for WEC Energy, with BMO raising its target to $93.00 and Goldman Sachs maintaining its target at $90.00.
In regulatory matters, the Public Service Commission of Wisconsin staff supported a total rate increase of around $596 million, representing roughly 72% of WEC Energy Group's combined rate increase request. On the operations side, WEC Energy is making significant strides in its capital plan, including large-scale renewable energy projects and expansion in natural gas generation.
These are the recent developments at WEC Energy Group.
InvestingPro Insights
As WEC Energy Group expands its Board of Directors, it's worth noting some key financial insights that reflect the company's current position. According to InvestingPro data, WEC Energy Group boasts a market capitalization of $31.34 billion, indicating its significant presence in the utility sector. The company's P/E ratio stands at 22.92, suggesting investors are willing to pay a premium for its earnings.
InvestingPro Tips highlight WEC's strong dividend history, having raised its dividend for 20 consecutive years and maintained payments for 54 years. This consistent dividend growth, coupled with a current dividend yield of 3.37%, may be particularly attractive to income-focused investors considering the new board appointments.
The company's stock has shown robust performance recently, with a 21.97% price total return over the past three months and trading near its 52-week high. This positive momentum aligns with the company's strategic moves, including the board expansion.
For those interested in a deeper analysis, InvestingPro offers 11 additional tips for WEC Energy Group, providing a more comprehensive view of the company's financial health and market position.
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