Thread regarding American Electric Power Co. Inc. layoffs

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Any word on the 2023 ICP?

And the market reaction today is telling about what people thought of Julie and her decisions. It’s cooking.

Cancelling some of the asset sales is a good sign. We were really selling top notch (transmission) assets just for the sake of FFO/Debt.

Also, investing so much in renewables in jurisdictions that were not rewarding us with recoverability was a mistake.

The next CEO needs to have regulatory chops and has to bring in a team that can get it done. AEP has been deploying capital without a solid plan in place to earn the RoE. The RoE at some of the OpCos has been a big disappointment

On the employee webcast, they were decidedly uncommitted on layoffs. That’s not a good sign, but where else can they cut? Most teams are running super lean as it is.

What is all this praise for Julie? Look where the company landed during her tenure. Anyone who calls that success, by any measure, for a CEO is the same person that skims headlines without reading the article for their main source of information. She was an absolute train wreck who allowed other unqualified individuals to run rampant and ruin lives. These layoffs should have STARTED with her, not ended. And she probably received a retirement amount of severance on top of that. Clowns.

It's true that having Tim Wise was a bold move. He was excellent, IMHO. But JS was chosen for her financial expertise (which we see now is not enough; regulatory expertise is what is needed).

I think Julie was a DEI hire. Sorry to offend anyone, not really, facts hurt. When AEP hired Tim Wise to come in and lecture every one about racism and white privilege, the writing was on the wall they were going to replace Nick with a non-white male. If you don't think that was the case, you're lying to yourself. Julie filled in more boxes than Lisa. My guess, this time they will look for the best person for the job, male, female, white, black or otherwise. Icahn is in this to make money, period.

It’s a real setback to women everywhere. 100+ year old company with only 7 CEOs. Julie lasted a year.

Julie was a highly competent CFO and was successful in her other roles here as well. I can see why she was chosen. Her strategy may not have played out, and she had a lot going against her. But I don’t think she was simply a box to check. I think anyone in that seat would have struggled the past couple of years.

Rember all, when you are talking about the Board now, the Board is Icahn. They have taken control. Icahn looks for companies that are undervalued with typically underperforming corporate leadership, where by making changes they can increase company shareholder value.
They have invested in AEP, but not passively. When Icahn invests in a company, they also make sure they have control so they can make decisions that will improve the stock price. Hence, the term "activist" investor.
They are not raiders in the sense that the company is usually(hopefully) left better off then it was before they exercised control. The changes have just started. Hang on.

Remove the leadership all the way down. They all su-k. Middle management su-kiness is just easier to hide.

Maybe they’ll try to bring back all the talent they lost over the last year.

The fact that they are going outside says a ton. The EVP bench must be concerned if they aren’t being considered.

Julie barely got a year. Whiffing on the Kelly hiring must have hurt. Losing those rare cases makes it even worse. I’d imagine there will be some significant cleaning of senior leadership (EVPs) to go along with this once the new CEO is found.

Maybe bring back Lisa? Who would want the job?

Well there is a god of karma out there, Therace and ALL of those with a Minnesota zip code will be next.

What is this board up to? They voted to remove Swick. They removed Julie Sloat today. They sacked 400 employees.

Is TR being promoted or removed?

Just got the email saying we are firing Julie Sloat now

If you're a FTE with more than 10 years of service, you know there's a target on your back. The retail mgrs do not want you here, period. They want the turn over in people. That's fine, I'll hold the door for them if they'll leave so we can put AEP and IT back to a family center org. I can't believe I'm saying it but MAGA - Make AEP Great Again.

What’s sad is that there are people still working at AEP who are putting off planned surgeries in fear of retribution. One person I spoke to had planned to have needed surgery this year which requires 6-8 weeks off work to recover. That person has postponed it fearing th time off would make them vulnerable to a next round of layoffs.

If you own AEP stock, show up at the annual shareholders meeting and ask her about it. Be that would cause some fireworks. Actually everyone who was layed off should buy one share and show up. As a stock holder I don't think they can stop you from attending. Be great to see about 300 people show up in the meeting. Get there early to get a front row seat.

I just receieved my anniversary congratulatory book in the mail. I was part of this layoff. Is this some sort of sick joke? Julie is a unique POS. Someone give me a connection so that I can cause MAXIMUM PR damage and watch them publicly writhe.

Depending on which publication you read, Icahn is either a corporate raider or an activist shareholder that comes in to get the most value out of a company. As a raider, one says he comes in with a heavy hand against the Board and CEO. It will be interesting to see which Carl shows up at AEP. Time will tell if more layoffs are on the horizon. Personally I don't think he's in it for the long haul.

@vxrf+1qB6FXi3 Swick needed to go. He was an absentee CSO at best with no management over his org. We have architects that aren't architecting. People who don't log in. Managers that are useless at best. Then some teams that are just there to be there (architect and engineering). Swick relied on Parcel to do all the managing for him. Everyone knows Parcel only cares about one team from his org.

The entire management structure in cyber needs to go and be replaced along with TR and her mafia. AEP should be led by leaders.

The only reason why AEP has not forced all of IT back to the office is because IT leadership lives outside of Ohio and have no desire to move here. If the do replace TR with someone in the local area and that person wants everyone in the office, you'll see a mass Exodus of the retail gang as soon as they line up another remote position. I just don't see them moving to Columbus. It's easier to tell someone you're fired over Teams than to look the person in the eye and do it. Or they let HR do it. Either way, just a bunch of cowards.

Given the strong market response since the Icahn board seat announcement, it’s clear the market agrees the current leadership needs help and can benefit from changes. Honestly, I’m kind of looking forward to the scramble in the coming months. Hopefully they quickly root out the cancer and take care of it. Of course that’ll likely come with a golden parachute, but at least this is an opportunity for someone to do something about poor leadership. Hiding behind your cronies and the remote work designation probably won’t last much longer….hopefully.

Everyone knows what the problem is but are powerless to do anything about it. TR is the cancer that has infected the organization and is slowly ki-ling it. Once the host is dead, she'll move on to another company and repeat the same plan. Until there is serious repercussions for people like her, she'll continue to do it over and over again. Ie a lawsuit that calls her out personally but it'll take someone with a good case to hang her out to dry. Everyone knows Sanjay put his thumb on the scale for TCS and he didn't do that without her support. In the end, he took one for the team. Look how he was released vs Steve Swick. One man with a lot of integrity and the other supporting the Medusa of IT.

TR and/or group supporting her is allowing the same repetitive play from Target, Huntington Financial, and Penny's. Come in with a financial plan to save/return money to the investor, root TCS, Massive layoffs, huge bonuses for cost savings and then bounce (hopefully). If searched, TCS was the cause for the massive Target data breach. Huntington IT and support was destroyed and JCPenney was a quick buck while waiting for the next victim to infect. I think this could be the work of an executive employment group with a motive and maybe some connections to board members. Plenty of records and reviews to put things together from different angles. It's amazing how many employee reviews are posted from almost 10 years ago with the other companies she touched. See below for just one of many Huntington financial review on Glassdoor... This is the work of the "playbook"....From 2015!!!! Sound familiar?

Mar 13, 2015
Pros
Zero. Unless you worked with Therace Risch before being fired from Target.
Cons
Did you know Country Financial is the new Tget? Yes, the one who compromised mllions of customers personal data. "Meet Therace Risch, COUNTRY Financials new CIO..." straight from Target...and she's hiring all her cronies from the Target debacle. In a 15 minute, spur of the moment meeting, Risch announced to 76 long time employee's, without notice, that they are bing replaced with outside contractors. Oh, but they do get to stay 30 days and train the replacement trolls. Is this another financial crisis with identity theft in the near futured I mention they are planning on outsourcing all project testing positions to India? ......

AEP = rich people helping rich people Disguised as DEI and ESG.

The last comment was dead on. The retail gang is so dead set to blame anything that goes wrong on a long time FTE so they have an excuse to fire them. But one day Karma will catch up with them. Or at least I hope so. Sick of these retail id--ts who know absolutely jack running IT into the ground.

Retaliation is alive and well at AEP.

Icahn getting on the Board spells trouble. Look for more layoffs if this guy puts pressure on the Board to up the Dividends. He's no angel for most investors and certainly not to the employees and customers.

Results for 2023 and the 1st quarter are going to have a major impact on IT, and not in a good way. I would think the company would put together another round of layoffs and that would hit IT again. Not sure how much more you can cut but as the other guy said, the gang of 8 will do everything to protect themselves and put TCS on the hook to cover for any short comings.

Looking at the out flow of employees above and beyond the layoffs is going to increase over this year. You can only ask people to be loyal and have it be a one way street for so long. I think the older employees will retire if able to do. Younger employees will look for better employers and the rest will leave the majority of the work to TCS. I'm just not sure who's worse, TCS or TR, right now it's neck and neck.

To add to all of this mess, hiring and promotions are designed to only be decided by TR and a VP. The Interview boards are a joke and waste of time when they already know who they are going to hire or promote. To me this is far from equal opportunity. My manager (part of the retail group) explained to me that when they post your job for promotion they already know and design it for a specific person they have in mind. With the financial mess we are in, holding promotions is just another way they are saving money.

@flmx+1qB6FXi3 I think security has done enough themselves. No vision. No unified architecture. Every team out for themselves. So many endpoints that our laptops run like cr-p. It won't get better with DS calling the shots.

Either you're numb from it, you don't care because the company doesn't care or you bought into the garbage that TR sold to the Board. She came in saying she was going to transform IT. Like every good leftist liberal, she has to sc--w it up so bad first before someone else will need to come in and fix it. The layoffs was her way of covering up her mistakes. Next on the list will be a breach of some sort that has a major impact on the company. She doesn't know anything about security and is about to sc--w that up just like Target

A layoff of 15% of IT could only muster 81 comments.

@8mkd+1qB6FXi3 6 sandboxes and counting.

Lessons were not learned. Cyber is already back to incinerating money. Sorry to those laid off because of them.

TR and her cronies love to keep people in the dark for as long as possible. Still no org chart released after a week. Even retail managers should know how to put together an org chart, it's not that hard. It really just shows the rest of the company, you have no clue to what is going on. TCS has a few more years on their contract, my guess TR will leave the year before it comes up for renewal. I don't think she'll want to be anywhere near when that happens. If you were following her on LinkedIn, you should stop. I think the one guy was right, a few hundred bad reviews on Glassdoor might make the next company think twice of hiring her, so don't do it. AEP needs to get rid of her sooner than later.

This is a good time for anyone that's left in IT to just do your 40 hours, or less and peace out every week. Stop putting in 80 hours to these leeches. Stop training TCS, pointless anyways.