Stilwell fronts EDP and EDP Renováveis

 In Companies, Energy, News

Miguel Stilwell de Andrade is to assume the posts of EDP chef executive and chef executive of EDP Renováveis.

Rui Teixeira, until now interim CEO of EDP Renováveis, will be the chief financial officer (CFO) for both companies for the next three years 2021-2023.
Teixeira had already performed this role in 2007 at EDP Renováveis as well as later at EDP. He will also be the new representative for market relations, a job which until now was fulfilled by the new CEO Stilwell de Andrade. Teixeira has sat on the board since 2015.
Vera Pinto Pereira, who has been on the executive board since 2015, will continue to front EDP Comercial, a post she took on when she joined the EDP board in 2018.
Miguel Setas, on the board since 2006, will head distribution networks at a global level as well a being also president of the administrative board of EDP Brasil. The new CEO of EDP Brasil will be João Marques da Cruz who will leave the management team.
Ana Paula Marques, the only new member of the management team, will be responsible for conventional management and digitalisation at EDP.
It represents a new cycle for the electricity giant after the departure of former CEO António Mexia and former EDP Renováveis CEO, João Manso Neto.
In a press conference outlining a new EDP strategic plan to 2025 which will define the company’s goals for the three years to 2025, Miguel Stilwell expressed a note of thanks for the two former CEOs for the contribution they had given EDP over the past 15 years.
“We are thinking about pressing ahead in the first quarter of 2021 with a strategic plan with a new vision for 2025,” said Miguel Stilwell during a virtual press conference following a shareholders general meeting which formally voted in the new executive board for the three years from 2021-2023.
Miguel Stilwell stressed tat the strategy will continue the energy company’s focus on renewables, but did not want to provide details about the exact goals next few years.
“The global investment for this decade will be on a huge energy transition and renewables we will see enormous growth in solar and onshore and offshore wind,” he added mentioning three main renewables areas.
When asked about his expectations to 2023 and if the new board and management would be able achieve profits over €1Bn, Miguel Stilwell said that: “more important that the number is the company’s goal to continue growing internationally.”
The new CEO also dismissed the possibility of EDP again withdrawing EDP Renováveis, in which the main company has an 83% stake, from the stock market.
“The fact that EDP Renováveis is listed is a good thing. It’s not in our plans to withdraw Renováveis from the stock market,” he said.
The recent reduction in the stake of Chinese energy giant China Three Gorges also didn’t worry Stilwell who emphasised the Chinese State-run energy company is still interested in being a shareholder in the group, despite the reduction.