AEP announces new executive posts in risk management

COLUMBUS, Ohio, Feb. 6, 2002 – American Electric Power (NYSE: AEP) has created several executive positions in risk management, reflecting the growing significance of that function to the company.

Scott N. Smith has been named senior vice president and chief risk officer; Stephan T. Haynes, vice president – market risk oversight; Frank Hilton, vice president and chief credit officer; and Douglas W. Payne, managing director – risk and insurance management.

“These new positions reinforce senior management’s commitment to a robust risk management function for AEP,” said Susan Tomasky, executive vice president – policy, finance and strategic planning, and chief financial officer. “AEP’s strong risk management ethic is an asset that we continue to build upon.”

Smith, 37, is responsible for enterprise-wide risk management. He joined AEP in mid-2001 as vice president and chief risk officer. Smith previously was vice president of risk management for Global Consumer Bank, a division of Citigroup. He also has served as vice president of risk management at First Fidelity/First Union, as a national bank examiner at the U.S. Treasury Department, and as a captain and engineer in the U.S. Army. Smith earned a bachelor’s degree in finance from Drexel University and an associate degree in business administration from Valley Forge Military College. He is a member of the Global Association of Risk Professionals and serves on that organization’s Ethics Committee.

Haynes, 41, is responsible for identifying, measuring and overseeing management of market risk in all of AEP’s businesses. He joined AEP in 1984 and most recently had been managing director – risk oversight. Haynes holds a master’s degree in business administration from The Ohio State University and a bachelor’s degree in business administration from Harding University.

Hilton, 40, is responsible for management and quantification of corporate-wide credit risk, including the global wholesale energy trading business, AEP Pro Serv and regulated activities. He joined AEP in 1997 and his previous post was managing director – credit risk. Hilton earlier held financial management positions at Consolidated Natural Gas Co. and NICOR. He earned a bachelor’s degree in finance from the University of New Orleans.

Payne, 52, has responsibilities in the areas of fire and other risk control engineering, public liability, claims adjusting and training, and risk and insurance management services. He has been an AEP employee since 1981. Payne holds a master’s degree in business administration from the University of Dayton and a bachelor’s degree in physics and mathematics from Purdue University.

American Electric Power is a multinational energy company based in Columbus, Ohio. AEP owns and operates more than 38,000 megawatts of generating capacity, making it America’s largest generator of electricity. The company is also a wholesale energy marketer and trader, ranking second in North America in wholesale electricity and wholesale natural gas volume. AEP provides retail electricity to more than 7 million customers worldwide and has holdings in the U.S. and select international markets. Wholly owned subsidiaries are involved in power engineering and construction services.

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