logo
Plus   Neg
Share
Email

AES Announces Reorganization To Simplify Portfolio - Quick Facts

AES Corp. (AES) announced a reorganization as part of its ongoing strategy to simplify its portfolio, optimize its cost structure and reduce its carbon intensity. The company noted that the new leaner organization will result in a lower headcount and overhead costs.

Andrés Gluski, AES President and Chief Executive Officer, said, "Today's announcement continues the progress we have made to-date on our strategy, including focusing our geographic footprint down to 16 countries from 28, implementing our previously announced cost savings initiatives, and reducing our carbon intensity by bringing new energy solutions to the markets we serve."

The company said it is consolidating its five Strategic Business Unit structure and will now manage its global operations and infrastructure activities under Executive Vice President and Chief Operating Officer, Bernerd Da Santos.

In addition, AES has reorganized its growth and commercial activities into three new units. These units will be led by three existing executives. Executive Vice President and Chief Financial Officer, Tom O'Flynn will continue in his current role and assume additional responsibility for leading the U.S. Renewables growth unit.

Manuel Pérez Dubuc will lead a consolidated South America growth unit that includes Argentina, Brazil, Chile and Colombia, while Juan Ignacio Rubiolo will lead the Mexico, Central America and the Caribbean growth unit.

AES said it will provide additional details of the reorganization on its upcoming fourth quarter and full year 2017 financial review call on February 27, 2018.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Consumer goods giant Procter & Gamble Co. on Wednesday reported a 28 percent increase in profit for the second quarter from last year, when results were impacted by a charge related to the U.S. tax reform. Both revenue and core earnings per share for the quarter beat analysts' estimates. Looking ahead, the company affirmed its outlook for fiscal 2019 earnings. LSEG Technology, London Stock Exchange Group's technology solutions provider, said it has been selected by Atom Group, a fintech company focused on blockchain technology and emerging digital assets, to power its new Hong Kong-based digital asset exchange AAX. The new digital exchange, which is expected to launch in the first half of fiscal 2019, will use LSEG's Millennium Exchange matching engine. Starbucks Coffee Co. said Tuesday it is expanding its "Starbucks Delivers" pilot to an additional six cities across the U.S. The expansion of the delivery service, in partnership with Uber Eats, begins today in San Francisco, the first of six new markets to offer the service to customers. The coffee giant plans to bring Starbucks Delivers to nearly one-quarter of U.S. company-operated stores.
Follow RTT