Former AmCham president to quit Galp

 In Energy, News

A former president of the American Chamber of Commerce in Portugal, Sofia Tenreiro, will join two other senior management figures at Portuguese energy company Galp who are to quit.

Galp announced that three executives would leave in a communiqué on Friday. Sofia Tenreiro, Susana Quintana-Plaza and Carlos Silva would step down from their posts on the executive management board of the Portuguese petroleum and gas company.
At the start of the year, the CEO of Galp Carlos Gomes da Silva stood down and was replaced by UK executive Andy Brown.
In the communiqué sent to the market, the energy company said that the board would now have just five members. “The board now has the goal to strengthen the potential of each one of its activities thanks to a more agile and efficient management model,” it states.
Sofia Tenreiro, who was the COO Comercial at Galp (both at a national and international level), will be replaced by Teresa Abecasis. Despite quitting the board of directors, Carlos Silva will still work for Galp.
As to Susana Quintana-Plaza who was in charge of Reenables and New Business, she leaves with immediate effect, with her responsibilities being taken over by the CEO Andy Brown.
Galp has also announced that it is seeking to recruit a new COO for its Renewables and New Business unit.
With this area becoming increasingly more relevant in the business and accounts of the company, the aim is that the new executive in charge of the portfolio should have a more international profile, in the same way that Andy Brown has.
In other words, reading between the lines, it may mean Galp will look to bringing in an executive with a broad experience overseas rather than one whose experience has been more Portugal-based.
The executive board will now comprise CEO Andy Brown, CFO/Investor Relations, Felipe Silva, Carlos Costa Pinto (COO Corporate Office), Thore E. Kristiansen (COO Production & Operations, Upstream and Industry) and Teresa Abecasis, COO Commercial).
The news of the executive shakeup comes as Galp Energia announced on Monday that it had gone from a loss of €22 million in 2020 to a €166 million profit in the first half of 2021.
In relation to the last three months, the company enjoyed profits of €140 million, up €192million on the same period in 2020 when the company registered losses of €52 million. In the first quarter of 2021 the company registered profits of €26 million.