The new board of directors will be divided into areas instead of companies.
Miguel Stilwell d’Andrade will be not only CEO of EDP but also of EDP Renováveis (EDPR), in a reorganization of the group’s leadership. The new board of directors will be divided into areas instead of companies. The CFO of both companies will be Rui Teixeira.
“The new board of directors will have five members [against nine from the previous administration led by António Mexia]. It is a smaller, agile team, focused on meeting the challenges of an evolving market,” Stilwell began by explaining at the press conference that followed the shareholders’ meeting. “It is a continuity team chosen by merit”.
73.9% of the shareholders were represented at the general meeting, with almost all of them approving the election of the new Executive Board of Directors for the three-year term of office (2021-2023). Besides the chairman Stilwell, the Board of Directors also includes Rui Teixeira, Miguel Setas, Vera Pinto Pereira and Ana Paula Marques (the latter coming from the operator Nos).
“The proposal presented today [Tuesday] was approved by 99.98%, which shows the confidence for this new term. I would like to thank the shareholders for this,” Stilwell stressed.
Not only are there changes in the number of managers but also in the group’s organisation. “Given the role that renewables have played within the group – representing 75% of the investment – it is natural that the CEO of the group will also become CEO of EDPR, so I will assume these functions,” he explained, adding that the CFO will also be the same for the two companies: Rui Teixeira.
Stilwell thus justified the reason for taking over the management control of the two companies, at a time when renewable assets are the group’s major stake and the subsidiary EDP Renováveis has become the most heavily quoted on the Lisbon stock exchange. Nevertheless, the CEO rejects the possibility of a financial merger that would take wind power off the stock exchange.