Gale Klappa, non-executive chairman of Milwaukee-based WEC Energy Group Inc., has been appointed to the Associated Banc-Corp board of directors. The board has been expanded in size from 10 to 11 to accommodate the appointment.
Klappa, 65, served as chairman and chief executive officer of WEC and predecessor Wisconsin Energy Corp. from May 2004 to May 1, when he retired and was succeeded as Allen Leverett in the CEO role.
Klappa is set to earn a $70,000 annual retainer for serving on the board of the Green Bay-based bank. He will also receive restricted stock units with a fair market value of $100,000, to vest in four years.
WEC Energy paid Klappa $13.8 million in compensation in 2015. He also serves on the boards of Brown Deer-based Badger Meter Inc. and Milwaukee-based Joy Global Inc. In addition, Klappa co-chairs the Milwaukee 7 regional economic development initiative and is vice chairman of the Metropolitan Milwaukee Association of Commerce and executive committee member of the Greater Milwaukee Committee.
“We are honored to have someone with Gale’s breadth and depth of experience on our board,” said William Hutchinson, chairman of Associated Banc-Corp.
Philip Flynn, president and chief executive officer of Associated Banc-Corp., recently told BizTimes he considers Milwaukee to be a dual headquarters for the bank, which has an almost equal number of employees in the market as in Green Bay. Growing its Milwaukee market share continues to be a priority, he said.
“Gale’s long and successful business career together with his leadership in the economic development of southeastern Wisconsin make him an ideal director for our company,” Flynn said.