David Frankenberg has been named as vice president and chief financial officer of Arkansas Electric Cooperative Corporation (AECC) and Arkansas Electric Cooperatives, Inc. (AECI) effective Jan. 1, 2021. Frankenberg replaces Michael Henderson, who is retiring after 36 years of service with AECC and AECI.
Frankenberg has more than 20 years of experience in accounting and finance, including more than 12 years in the utility industry. Most recently, he served as the director of enterprise forecasting and financial planning for Tennessee Valley Authority (TVA), the operator of the nation’s largest public power system and power supplier to a population of approximately 10 million people. While at TVA, Frankenberg held additional director-level roles covering areas such as technical accounting, enterprise risk management, Sarbanes-Oxley internal controls compliance, operational accounting and budgeting, and Securities and Exchange Commission reporting.
“I want to thank Michael Henderson for his dedication and leadership to AECC and AECI and wish him the best in his future endeavors as CEO of Today’s Power, Inc.,” said Buddy Hasten, president/CEO of AECC/AECI. “We welcome David to the AECC/AECI family and look forward to his leadership in driving the continued long-term financial success of both the generation and transmission cooperative and the statewide services association.”
In addition to Frankenberg’s experience in the electric utility industry, he has also held financial leadership roles in the mining and pharmaceutical industries subsequent to his time in public auditing. Frankenberg holds several certifications, including Certified Public Accountant. He earned both a masters and bachelor’s degrees in accounting from the University of Tennessee.
The Electric Cooperatives of Arkansas comprise 17 electric distribution cooperatives; Arkansas Electric Cooperatives, Inc. (AECI), a Little Rock-based cooperative that provides services to the distribution cooperatives; and Arkansas Electric Cooperative Corp. (AECC), a generation and transmission cooperative. The distribution cooperatives provide electricity to approximately 500,000 homes, farms and businesses in Arkansas and surrounding states.