Fifth Third Bancorp (NASDAQ: FITB) today announced the appointment of Nicholas K. Akins, president and chief executive officer of American Electric Power, to the Bancorp Board of Directors.
“We are pleased to welcome Nick to the Board and look forward to his unique perspectives,” said William Isaac, chairman of the Fifth Third Bancorp Board. “Nick has tremendous business acumen, having served in key leadership roles throughout his distinguished career.”
Headquartered in Columbus, Ohio, American Electric Power (AEP) is one of the largest electric utilities in the United States, delivering electricity to more than 5 million customers in 11 states. Akins is a seasoned energy executive who rose through the ranks at both AEP and the former Central and South West Corp., which merged with AEP in 2000. Akins began his career in 1982 as an electrical engineer before moving up to positions of increasing responsibility. Prior to being elected president of AEP in December 2010, he served as executive vice president – Generation – from 2006 through 2010, with responsibility for all generation activities of AEP’s approximately 38,000 megawatts of generation resources. This included engineering, construction, power plant operations, fuels procurement, logistics, new generation and marketing and trading.
“The executive leadership team is eager to work with Nick and we are excited about the guidance and insight that he will provide, specifically in the energy sector, an important focus and industry specialization for the Bank,” said Kevin T. Kabat, vice chairman and CEO of Fifth Third Bancorp.
A native of Louisiana, Akins received his bachelor’s degree in electric engineering from Louisiana Tech University in Ruston and a master’s degree in electrical engineering from Louisiana Tech. Additional training includes executive management programs at Louisiana State University, the University of Idaho and the Reactor Technology Course for Utility Executives at the Massachusetts Institute of Technology. He is a registered professional engineer in Texas.