Andrew B. Reis had been named vice president, Audit Services for American Electric Power (NYSE: AEP) effective Sept. 1, according to Nicholas K. Akins, AEP chairman, president and chief executive officer. Reis, 40, is currently vice president, Commercial & Financial Analysis for AEP.
Reis will report directly to Akins and will succeed Rich Mueller, who is retiring from AEP Jan. 1, 2015. Mueller will provide support to Reis and the Audit organization until his retirement.
"AEP has benefitted greatly from Rich's oversight of our internal audit functions. Rich has worked very effectively with the Audit Committee of the Board of Directors and with AEP's leadership team to design and implement a comprehensive and cost-effective control infrastructure. He also built collaborative relationships with each of our business units. Our leaders seek counsel and review from Rich and the Audit team as part of their ongoing process improvement efforts. We appreciate all Rich has done to support AEP and wish him every happiness during his retirement," Akins said.
"Andy brings significant financial experience and expertise to his new role, including an extensive background in financial accounting and risk management. I'm confident in his ability to maintain the high-quality relationships and controls that Rich has built and believe his leadership and unique perspective will result in ongoing enhancements to our audit processes," Akins said.
Reis has been vice president, Commercial & Financial Analysis since Jan. 1 with responsibility for the middle and back office functions within AEP's Commercial Operations organization, including structuring, portfolio and margin analysis; RTO and commodity settlements; contract administration; market operations support; risk generation and fuel forecasting and reporting. Previously, Reis was assistant controller at AEP. Reis joined AEP in 2008 as managing director, Financial Policy, Transactions and Analysis. Before joining AEP, Reis spent three years at Mettler Toledo as head of global financial reporting and assistant corporate controller. He also worked for nine years at Deloitte & Touche. Reis has a bachelor's degree in accounting from Miami University, Oxford, Ohio, and is a Certified Public Accountant. He serves on the board of the American Cancer Society. Reis and his wife, Jen, have three children and live in Worthington, Ohio.
American Electric Power is one of the largest electric utilities in the United States, delivering electricity to more than 5.3 million customers in 11 states. AEP ranks among the nation's largest generators of electricity, owning nearly 38,000 megawatts of generating capacity in the U.S. AEP also owns the nation's largest electricity transmission system, a more than 40,000-mile network that includes more 765-kilovolt extra-high voltage transmission lines than all other U.S. transmission systems combined. AEP's transmission system directly or indirectly serves about 10 percent of the electricity demand in the Eastern Interconnection, the interconnected transmission system that covers 38 eastern and central U.S. states and eastern Canada, and approximately 11 percent of the electricity demand in ERCOT, the transmission system that covers much of Texas. AEP's utility units operate as AEP Ohio, AEP Texas, Appalachian Power (in Virginia and West Virginia), AEP Appalachian Power (in Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana and east Texas). AEP's headquarters are in Columbus, Ohio.