Portugal

Portugal

EDP Renewables establishes new leadership team

Portuguese utility EDP's new management team will lead the wider group as well as its renewables division. Its leaders quit last year amid a corruption scandal

Miguel Stilwell de Andrade has been appointed as CEO of EDP and EDPR, and also chairman of EDPR's board and CEO of the company
Miguel Stilwell de Andrade has been appointed as CEO of EDP and EDPR, and also chairman of EDPR's board and CEO of the company

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Portuguese developer EDP Renewables has named its new leadership team to steer the company following the resignation of its previous chiefs during a police probe into allegations of corruption.

Its board has approved the appointments of Miguel Stilwell de Andrade and Rui Teixiera – who had served as interim CEOs – as chief executive officer and chief financial officer respectively.

Andrade and Teixeira will also serve in these roles for the wider EDP Group, and Andrade will also serve as chairman of EDPR's board.

They replace EDP CEO António Mexia and EDPR boss João Manso Neto, who were suspended in July as police investigated suspected corruption linked to state compensation charges. Mexia and Neto then resigned in December.

Alongside the new appointments, EDPR has also decided to simplify the company’s governance body to be composed of 12 board members. Ana Paula Marques has been appointed as a non-executive director and Joan Avalin Dempsey as an independent director.

To date, EDP Renewables has installed 11,217MW of capacity, according to the data arm of Windpower Monthly, Windpower Intelligence.

In the first half of last year, the company’s profits were squeezed due to lower earnings with a net profit of €255 million in H1 – 9% less than in the same period one year earlier.

The next general shareholders’ meeting will take place on Friday.

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