The AES Corporation announced that President and Chief Executive Officer Paul Hanrahan intend to leave the company November 30, 2011.
He will step down from his position effective September 30, 2011, transitioning his management and board responsibilities to the company’s Chief Operating Officer, Andrés Gluski. Hanrahan, who led AES through a period of extraordinary growth during his nine year tenure as CEO, was the chief architect of AES’ capital structure re-alignment over that same period as well. Over the next 90 days, he will be assisting the company in carrying out an orderly transition.
“I identified Andrés as my successor over three years ago and he has gained valuable experience during that time in his role as AES’ Chief Operating Officer. I am confident that he will be successful in his new role as well; as a long time AES shareholder, I look forward to seeing the company continue to flourish under his guidance,” Hanrahan, who has been with AES for 24 years, said.
Andrés Gluski, 53, has been Executive Vice President and Chief Operating Officer of the Company since 2007 and has spearheaded the turnaround of some of AES’ most significant businesses, as well as its major expansion program in Chile. Andrés is currently Chairman of AES Gener in Chile and Brasiliana in Brazil is a member of the Board of the Edison Electric Institute and has also held the position of CEO and CFO of some of AES’ largest affiliates since joining the company in the year 2000. Prior to joining AES, Andrés held a number of senior level positions in telecommunications, energy, government and financial services institutions such as Grupo Santander and the International Monetary Fund.
“We will fully implement the new strategy of focusing on our core markets and continue to enhance the competitiveness and efficiency of our businesses. I look forward to working with our strong, experienced executive team and building on AES’ unsurpassed strategic footprint in the global power market to help take the company to the next level,” Gluski, who has been a longtime member of the AES management team, said.
“The board of directors is extremely proud and appreciative of everything Paul has done over the past nine years to put the company in the enviable position it is in today, with both liquidity and earnings at historical record highs. We are pleased that Paul has prepared Andrés to serve as such a strong successor and that he will continue to support Andrés during his period of transition. The Board also looks forward to the fresh perspective that Andrés will bring to the company’s strategic direction and are confident that his diverse financial and operating experience over the past twenty years will position AES well, allowing the company to build on its track record of success,” Philip Odeen AES Chairman, said.