William Spence, PPL Corp. chief, will retire June 1. (Contributed photo/The Morning Call) The chairman and CEO of PPL Corporation, William H. Spence, will retire June 1 but remain with the company as non-executive chairman of the board of directors.
“Under Bill Spence’s leadership, PPL has transformed itself into one of the nation’s largest investor-owned utility companies and established a proven track record of operational excellence,” John W. Conway, lead director of PPL’s board, said in the statement.
“As a result, PPL is stronger today than it was a decade ago and better positioned for long-term success,” Conway said, adding that he is confident that Sorgi will provide continued strong leadership.
The PPL executive moves come when rumors have swirled about the Fortune 500 possibly involved in a merger.
The London Financial Times on Oct. 11 reported talks between PPL and Avangrid. It placed the value of a merger at about $67 billion and said a PPL-Avangrid deal would form one of the largest publicly traded utilities in the U.S.
Spence has served as PPL’s top executive since 2011. In addition, he has served as Chairman of PPL’s board since 2012. He joined PPL in 2006 as executive vice president and chief operating officer after 19 years of service with Pepco Holdings, Inc. Vincent Sorgi will become chairman and CEO of Allentown Fortune 500 company PPL Corp. on June 1. (Contributed photo (PPL)/The Morning Call) Sorgi, 48, who has over 25 years of utility industry experience, has served as president and chief operating officer since July 1.
Before that, he served as executive vice president and chief financial officer for PPL. As CFO, he helped to guide the spinoff of PPL’s competitive generation business.
The transaction, coming at a time of stiff headwinds for competitive energy markets, transformed PPL into a purely regulated utility business, with 100% of its earnings driven by stable, high-performing, award-winning utilities, the statement says.
Sorgi also served as vice president and controller of PPL and controller for PPL’s former energy supply and marketing segment.
Prior to joining PPL, Sorgi worked for Public Service Enterprise Group and Deloitte & Touche LLP, where his work focused on the utility sector. He holds a bachelor’s degree in accounting from Penn State University and a master’s degree in business administration from Villanova University.
Sorgi has been nominated to serve as a member of the Electric Power Research Institute’s board of directors, starting in April. He is also a […]