“This is an amicable transition,” said the spokeswoman, Mary Ann Kabel. “We do wish her well.”
Before becoming CEO, Lund served as AES’ chief product officer of carbon-free energy with responsibility for the development of renewable energy products.
She also served in two regional chief financial officer positions for AES’ Eurasia and Mexico, Central America and the Caribbean businesses. In total, Lund drove financial performance and strategic execution for AES businesses in 13 countries, representing more than $10 billion in assets, according to her company biography.
In all, Lund was with AES for 17 years.
“Under Kristina’s leadership, both AES Indiana and AES Ohio have made significant strides in delivering an inclusive energy transition,” the company said in an email to this news outlet. “The utilities team has a proven track record of delivering great service and results for our customers.”
In January 2022, Lund testified before state regulators that AES Ohio — formerly known as Dayton Power & Light or DP&L — has been in a “very fragile” financial condition.
“It has been well documented in many cases in front of the PUCO, DP&L/AES Ohio has had a very fragile financial condition for a long time,” Lund testified on cross-examination by an attorney for the Ohio Manufacturers Association Energy Group at the time. “We worked very hard for a long time to get our company on the right track financially, and our smart grid investments are a component of that.”
An AES Ohio spokeswoman did not immediately respond to a question Monday about whether the leadership transition had anything to do with the utility’s financial performance.
Arlington, Va.-based AES Corp. (AES Ohio’s corporate parent) will host a conference call Aug. 4 to review second quarter financial results. In the first quarter this year, AES reported net income of $189 million, an increase of $18 million compared to first quarter of 2022.
In April this year, AES Ohio signed a settlement with Public Utilities Commission of Ohio (PUCO) staff for its “electric security plan,” providing what AES Ohio said will be the “regulatory foundation necessary to enable future growth.”
The PUCO has not yet voted on the settlement. No date for a vote has been scheduled, a PUCO spokesman said Monday.
Lund graduated from Wellesley College with a bachelor’s degree in economics and earned an MBA from Harvard Business School. She and her family live in the Indianapolis area.
Pasha, who most recently served as CFO of AES’ utilities segment, has been with the company for more than two decades and “he has demonstrated exemplary results at every stage of his career,” the utility said.
“During his time as CFO, Ahmed’s vision helped craft a strategic and operational runway for AES’ U.S. utilities to become the fastest growing utilities in the U.S.,” AES said.
AES acquired the former DP&L in 2011. The Dayton utility changed its name and branding to AES Ohio in February 2021.
The company provides service to more than 527,000 customers in West Central Ohio.
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