Mark Crosswhite, President, Chairman and CEO of Alabama Power, intends to retire on December 31, according to a company filing with the Securities and Exchange Commission.
A Form 8-K filed by Alabama Power’s parent company, The Southern Company, states that Crosswhite “notified Alabama Power of its intention to retire. The cut-off date is expected to be December 31, 2022.”
Upon retirement, Crosswhite will remain with the company as a consultant through June 2023 and will “earn $125,000 in cash for his consulting services during this period.”
Alabama Power confirmed Crosswhite’s impending retirement in a press release sent out Monday morning. Crosswhite’s successor will be named at a later date, according to the company.
“Having the privilege of leading Alabama Power has been the pinnacle of my career,” Crosswhite said in the press release. “It has been an honor to work for a company that has dedicated more than a century to serving communities across Alabama. However, as I approach my 60th birthday, I have realized that it is time for me to spend more time with my family.”
Tom Fanning, Southern Company’s President, Chairman and CEO, praised Crosswhite in the press release.
“Mark has spent his life serving his home state of Alabama by serving the many charitable, civic and community causes that he serves,” said Fanning. “As the leader of the Alabama Power Company, one of Alabama’s great corporate institutions, he carried that sense of service with him every day as he worked to improve the lives of customers, communities and colleagues.”
Crosswhite, 59, has headed Alabama’s largest utility company since 2014, when he succeeded longtime CEO Charles McCrary.
Earlier this year, Crosswhite was promoted to the board of directors of Regions Financial Corp. called, which is led by McCrary.
Crosswhite is also Chairman of the Board of the Economic Development Partnership of Alabama (EDPA) and Prosper Birmingham and a member of the President’s Cabinet at the University of Alabama.
Prior to his acquisition as CEO of Alabama Power in 2014, Crosswhite served as Chief Operating Officer for Southern Company and previously as Advisor and External Affairs Director for Alabama Power and held other positions at Southern Company and its affiliated utilities.
Prior to joining Southern Company, Crosswhite began his career as an attorney in the utilities department of the Birmingham law firm of Balch and Bingham, which represents Alabama Power on numerous legal matters.
Crosswhite, a native of Decatur, received his bachelor’s degree from the University of Alabama at Huntsville in 1984 and his law degree from the University of Alabama School of Law in 1987.