Miguel Sitas, current member of the EDP Board of Directors and “President” of EDP Brasil, has resigned from the position he has held since 2015, the company announced Monday in a statement to the Commission of the Securities Market (CMVM), without giving reasons for the official’s decision to leave.
Later, CMVM was informed by the electric company, that Sitas would be replaced by Pedro Vasconcelos, who is currently in charge of the company’s operations in the Asia region.
As Negócios learns, Miguel Sitas has received an invitation to return to Brazil to work, where he will join a company that is not a direct competitor to EDP. “After 18 years of a remarkable journey at EDP, Miguel Sitas has decided to pursue a professional opportunity outside the company, returning to Brazil,” CEO Miguel Stilwell confirmed in an internal email, to which Negócios had access.
Miguel Sitas’ resignation from office is effective from April 12, when his replacement is appointed at the EDP Annual General Meeting. Therefore, it will be up to the shareholders of the electric company to approve the election of Pedro Vasconcelos as a new member of the EDP Board of Directors until the end of the current term for the three-year term 2021-2023.
EDP ”appreciates and acknowledges the important contribution made by Miguel Sitas, who has been a member of the EDP Board of Directors for the past eight years, and appreciates the exemplary performance, both personal and professional, of this Director,” the electric company added in a statement to CMVM.
Now the company’s “chaiman”, Miguel Sitas served as CEO of EDP Brasil between 2014 and 2021, having been replaced by John Marks da Cruz. Before that, also in Brazil, he was the CEO of EDP Renováveis in the country.
“Miguel’s immeasurable contribution is reflected in our organization, particularly in the areas in which he has executed functions, including EDP Comercial, EDP Inovação, EDP Brasil, EDP Produção, E-Redes, and, in the past eight years, as a member of the Board of Executive Directors. I am grateful to have had the opportunity to share with Miguel these last years of leadership within the scope of a transformative period for the company,” Stillwell de Andrade wrote in the same email, announcing at the same time the proposal Pedro Vasconcelos for the position.
On the other hand, the new director has been part of the EDP staff since 2007 and “has extensive knowledge of the community, with strong experience in the energy sector, recognizing that he has the right conditions to integrate the board,” EDP announced in a connection to CMVM.
The EDP Executive Board consists of five members and will include the following composition as of April 12th: Miguel Stillwell de Andrade (Chair), Rui Teixeira, Vera Pinto Pereira, Ana Paula Marquez and Pedro Vasconcelos.
“At a critical moment for EDP strategy, as we work to drive and accelerate the energy transition around the world, I am certain the Executive Board will benefit from Pedro’s extraordinary skills, as well as his deep knowledge of the energy sector and company,” the CEO added in his email. .
The proposed new director is a member of the EDP Renováveis management team and Chief Operating Officer for Asia Pacific, CEO of the Sunseap Group (Singapore), a board member of OW Ocean Winds and a board member of EDP Innovation and EDP Ventures.
He has a degree in Aeronautical Engineering, and joined the EDP Group in 2007 as Project Manager for Mergers & Acquisitions and Business Development, a position he held until 2009. He was then assigned to the US, where he joined NGEN Partners. He returned to Lisbon for two years as Chief of Staff to the CEO of EDP until the end of 2012.
In 2014, he joined the board of directors of EDP Internacional, leading water development in Latin America. Subsequently, he joined EDP Renováveis in 2016 as Director of Solar Strategy, both in the US and Europe.
From 2017 until the end of 2021, he was Global Director Mergers & Acquisitions and Business Development at EDP Group, leading, among other things, business plans for 2019-22 and 2021-25, strategic divestitures worth three billion per generation. (gas and hydropower) and energy supplies, strategic investments worth €3.7 billion in distribution networks and renewable energy platforms and two capital increases worth €2.5 billion.
The news was updated at 9:20 p.m. with more information provided by EDP on CMVM.
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