ATLANTA - Southern Company (NYSE:SO) announced today that Pete Sena III, currently president of Southern Nuclear, will take over as chairman and CEO following the retirement of Stephen Kuczynski on June 28, 2024. Sena, who joined Southern Nuclear in 2019, will lead the operation of over 8,400 MW of nuclear power across several plants in Alabama and Georgia.
Kuczynski, who has been with Southern Nuclear since 2011, is credited with leading the company to top industry performance and overseeing the construction of the first new nuclear power units in the U.S. in over 30 years. Under his leadership, Vogtle Units 3 & 4 were safely constructed and are now operational, providing clean energy to the region.
Chris Womack, chairman, president, and CEO of Southern Company, praised Kuczynski's decade-long leadership and welcomed Sena as the right successor to guide the company through the nuclear industry's future challenges. Kuczynski expressed his pride in contributing to the nuclear power sector and emphasized the successful deployment of new nuclear power during his tenure.
Sena brings extensive experience to his new role, having served in leadership positions at First Energy and PSEG, where he achieved consistent top quartile performance. His career began in the U.S. Navy's Nuclear Propulsion program, and he has held various roles, including a resident inspector at the U.S. Nuclear Regulatory Commission and senior reactor operator licenses.
Sena is also a member of the Executive Committee of the Nuclear Energy Institute's board since March 2023. He holds a Bachelor of Science degree in fuel science from Pennsylvania State University.
Southern Company, the parent entity, is an energy provider serving 9 million customers and is committed to net zero greenhouse gas emissions by 2050. The company is known for its focus on innovation, resilience, and sustainability, as well as its recognition for corporate culture and hiring practices.
This leadership transition is based on a press release statement from Southern Company.
InvestingPro Insights
As Southern Company prepares for a leadership transition with Pete Sena III set to take the helm, the company's financial health and market performance remain crucial for investors. According to InvestingPro data, Southern Company (NYSE: SO) is currently trading near its 52-week high, with a price percentage of the high at 99.33%.
This indicates a strong market confidence in the company as it approaches this pivotal change in management. The company's market capitalization stands at a robust $85.44 billion, reflecting its significant presence in the energy sector.
The company's commitment to dividends is evident, with a notable dividend yield of 3.69% as of the last twelve months leading up to Q1 2024. This is further supported by an InvestingPro Tip highlighting that Southern Company has raised its dividend for 22 consecutive years, showcasing its reliability in returning value to shareholders. Moreover, the company has maintained dividend payments for 54 consecutive years, underlining its financial stability and consistent performance over time.
Investors looking for growth potential may find Southern Company's low PEG ratio of 0.8 during the same period appealing, which suggests that the stock is potentially undervalued relative to its earnings growth. This is complemented by another InvestingPro Tip, indicating that two analysts have revised their earnings upwards for the upcoming period, pointing towards a positive outlook for the company's profitability.
For those interested in further insights, InvestingPro offers additional tips on Southern Company, which can be accessed at https://www.investing.com/pro/SO. To deepen your investment analysis, use coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of data and expert insights.
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