The CEO of the Portuguese company EDP, Miguel Stilwell, has announced that he will not stand for re-election for a new term, and will therefore leave the position after the general meeting of shareholders scheduled for 2027. Against this backdrop, the company has launched the process to replace its first executive.
With a career of more than twenty years at EDP and two terms in charge of management, the company highlights that his contribution has been "fundamental" in the transformation of the energy company "until turning it into what it is today".
Until the 2027 shareholders' meeting is held, Stilwell will continue to carry out his responsibilities, with the aim of ensuring the continuity of the strategic plan and respect for the commitments made to shareholders, employees, customers, and the rest of the groups of interest.
From now on, the boards of directors and of supervision will work in a coordinated manner on the design and implementation of the replacement selection process for him, "in accordance with the principles of good corporate governance and the mechanisms established in EDP's governance framework".
The oversight of the search will fall to the Corporate Governance and Sustainability Committee, which will have the support of an independent international firm specialized in selecting senior executives. The process will be open to both internal and external candidates.
"On behalf of the Board of Directors and Supervision, I want to thank Miguel Stilwell de Andrade for his dedication to EDP over 25 years and for his leadership as CEO. His two terms as CEO enabled notable growth for the Company and consolidated an organization prepared for the future challenges of the energy sector. I appreciate the intense and transparent collaboration we maintained during this term, which was extremely fruitful in defending EDP's interests", the Chair of the Board of Directors and Supervision, António Lobo Xavier, said.
For his part, Stilwell stressed that "leading EDP is a true privilege, and I feel immensely proud of what we have achieved together. We have turned EDP into a cleaner, stronger, and truly global energy company, with record earnings and a solid balance sheet".
The executive has also acknowledged that "it was not an easy decision, but it is the right one: while EDP celebrates its 50th anniversary, in a strong position, with an exceptional team and a promising future, it is time to close this chapter at the company that has marked me over the last two decades, including 15 years as a member of the Board of Directors, the last 6 as CEO".