ATLANTA, GA - Southern Company (NYSE:SO), a leading energy company with a market capitalization of $92.3 billion and impressive year-to-date returns of nearly 25%, disclosed in a recent SEC filing that Stanley W. Connally, Jr. is set to become the new Executive Vice President and Chief Operating Officer effective January 1, 2025.
According to InvestingPro data, the company maintains a "GOOD" financial health rating, suggesting strong operational fundamentals. The announcement was made public through the company’s Form 8-K filed on December 10, 2024, with the occurrence of the event dated December 5, 2024.
Connally, 55, has a long-standing history with Southern Company, having been an executive officer since 2012. His most recent role was as Executive Vice President for Operations and Chairman, President, and CEO of Southern Company Services, Inc. since April 2021. Prior to that, he served as Executive Vice President for Operations of Southern Company Services from June 2018.
Details regarding any changes to Connally's compensation package in light of his new position were not included in the filing. The company stated that material changes to his compensation will be disclosed in an amendment to this report when they are determined.
Southern Company, headquartered in Atlanta, Georgia, operates in the electric services industry and is incorporated in Delaware. The company's common stock and various series of junior subordinated notes are listed on the New York Stock Exchange.
InvestingPro analysis reveals that Southern Company has maintained dividend payments for 54 consecutive years and has raised its dividend for 23 straight years, demonstrating strong shareholder commitment.
This transition in executive leadership is part of the company’s ongoing management operations, and the market will be watching closely for any strategic shifts that may follow Connally’s appointment. The information provided in this article is based on the company's SEC filing and does not include any speculative content regarding the company's future operations or market performance.
In other recent news, Southern Power, a U.S. wholesale energy provider, has announced the final expansion phase of its Millers Branch Solar Facility in Haskell County, Texas. The Phase III addition will increase the facility’s capacity by 132 megawatts (MW), raising the total generating capability to 512 MW, making it Southern Power's largest solar project to date. The project is expected to be operational by the fourth quarter of 2026.
In addition, Southern Company, Southern Power's parent company, reported a slight increase in Q3 2024 adjusted earnings to $1.43 per share, up from $1.42 in Q3 2023, despite the challenges posed by Hurricane Helene. The company anticipates full-year adjusted earnings of $4.05 per share, even considering a 0.4% negative impact from the hurricane.
Furthermore, Southern Company is planning a $3 billion increase in capital investments related to Southern Power projects. Despite the damage from Hurricane Helene exceeding $1.1 billion, the company maintains its long-term growth rate target of 5% to 7% and expects potential load additions in Georgia to exceed 36 gigawatts by the mid-2030s. These are some of the recent developments in the company.
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