Xcel Energy Inc. (Nasdaq: XEL), a leading provider in the utilities sector, announced a significant leadership change on June 13, 2025, with Executive Vice President and Chief Legal and Compliance Officer Rob Berntsen departing immediately to pursue other opportunities. Effective June 16, 2025, Ryan Long was promoted to Executive Vice President and Chief Legal and Compliance Officer. Mr. Long has been serving as President of Northern States Power Company (NSPM), a key subsidiary of Xcel Energy since January 2024, and will continue overseeing NSPM during the transition period while a search for his successor is underway.
Ryan Long’s extensive legal and leadership experience within Xcel Energy since 2015, including roles as Interim General Counsel and various senior legal positions, equips him well for this critical compliance and legal leadership role. Prior to joining Xcel Energy, Mr. Long worked at prominent law firms Faegre Baker Daniels (now Faegre Drinker Biddle & Reath) in Minneapolis and Cravath, Swaine & Moore in New York City.
From a financial perspective, Xcel Energy remains a robust player in the utilities industry, reporting total revenues of \(13.44 billion and net income of \)1.936 billion for the fiscal year ended December 31, 2024. The utilities sector is capital-intensive and highly regulated; leadership stability in areas such as legal and compliance is vital to navigate regulatory environments, execute capital projects, and manage operational risks effectively.
The departure of a key legal executive and promotion of an experienced internal successor for this role sends a strong signal of continuity and control amidst an evolving regulatory landscape. Such leadership changes can impact strategic compliance initiatives and regulatory negotiations that are essential for maintaining the company’s stable revenue stream and operational efficiency.
In previous earnings calls, Xcel Energy executives emphasized the importance of regulatory compliance and legal governance as foundational pillars supporting the company’s growth strategies, particularly in renewable energy projects and grid modernization efforts. This leadership transition aligns with the company’s ongoing strategic priorities in clean energy and infrastructure investments.
This update should be viewed in the context of Xcel Energy’s stable financial footprint and sector dynamics characterized by capital intensity, regulatory sensitivity, and ongoing energy transition investments. The company’s leadership change in legal counsel is a strategic move to maintain regulatory excellence and support continued operational stability.
For investors and market observers, monitoring the search for the new NSPM President and any subsequent operational or strategic shifts will be essential. The legal and compliance function plays a pivotal role in managing risks associated with regulatory changes, tariffs, and economic uncertainties prevalent in the utilities sector.
Source Document: Xcel Energy 8-K Report June 2025
Tags: XEL, XcelEnergy, FY2024, leadershipchange, utilitiessector, regulatorycompliance