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.

by RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Member of Congress have reportedly been told President Donald Trump's administration has reached an agreement to put Chinese telecom giant ZTE Corp. back in business. Reports from the New York Times and Reuters said the deal brokered by the Commerce Department would require ZTE to pay a substantial... Delta Air Lines will resume non-stop flights between the U.S. and India next year, almost a decade after it exited the Indian market. The airline said Thursday that its decision to resume non-stop flights from the U.S. to India follows agreements between the U.S. and the governments of the United Arab Emirates and Qatar to address the issue of government subsidies provided to state-owned carriers. Mortgage rates continued their upward trend this week and hit a seven-year high, even as housing demand remained robust. According to data released Thursday by mortgage finance provider Freddie Mac, the 30-year fixed-rate mortgage rose to 4.66 percent in the week ending May 24, from 4.61 percent in the prior week and 3.95 percent a year ago. This is also the highest level since May 5, 2011.
Follow RTT