AES Announces Chief Financial Officer, Tom O’Flynn, to Transition to New Leadership Role; Deputy CFO, Gustavo Pimenta, to A...
November 02 2018 - 6:00AM
Business Wire
The AES Corporation (NYSE: AES) today announced that Executive
Vice President and Chief Financial Officer, Tom O’Flynn, will
transition to a new leadership role, focusing on raising
third-party capital to systematically and cost effectively help
finance AES’ attractive growth opportunities. Current Deputy Chief
Financial Officer, Gustavo Pimenta, will become Chief Financial
Officer. These changes will be effective as of January 1, 2019.
“I want to thank Tom for his many contributions over the past
six years as CFO. We have worked hand-in-hand in transforming AES.
We exited 13 countries and raised more than $5 billion in asset
sale proceeds. We have also strengthened our Balance Sheet by
reducing our Parent debt by 40% and we are now well-positioned to
achieve the goal we established to attain investment grade metrics
in 2019 and ratings in 2020. Further, Tom has played a key role in
our growth in renewables, including the acquisition of sPower. In
his new position, he will continue to help AES to secure financing
for our future growth,” said Andrés Gluski, AES President and Chief
Executive Officer. “I also want to welcome Gustavo to his new
position as CFO of AES. Gustavo served as CFO of several of our
Latin American businesses, including the publically listed
Brazilian companies, Eletropaulo and AES Tietê, and has been
instrumental in growing our business in Mexico, Central America and
the Caribbean. Since becoming Deputy CFO nine months ago, he
successfully identified and implemented the $100 million in cost
savings we announced earlier this year. I look forward to working
with Gustavo to deliver on our long-term financial and strategic
objectives.”
“I am proud to have contributed to AES’ transformation as CFO,
while at the same time developing a stronger finance team with a
deep bench. In my new role, I will be focusing on forming vehicles
to help finance AES’ attractive renewable growth opportunities,”
said Tom O’Flynn, AES Executive Vice President and Chief Financial
Officer.
“I am excited to work with AES’ leadership team to build on the
progress we have made to position the company for profitable and
sustainable growth. I plan to continue to foster AES’ culture of
financial discipline by delivering solid returns to our
shareholders,” said Gustavo Pimenta, AES Deputy Chief Financial
Officer.
About AES
The AES Corporation (NYSE: AES) is a Fortune 500 global power
company. We provide affordable, sustainable energy to 15 countries
through our diverse portfolio of distribution businesses as well as
thermal and renewable generation facilities. Our workforce is
committed to operational excellence and meeting the world’s
changing power needs. Our 2017 revenues were $11 billion and we own
and manage $33 billion in total assets. To learn more, please
visit www.aes.com. Follow AES on Twitter @TheAESCorp.
Safe Harbor Disclosure
This news release contains forward-looking statements within the
meaning of the Securities Act of 1933 and of the Securities
Exchange Act of 1934. Such forward-looking statements include, but
are not limited to, those related to future earnings, growth and
financial and operating performance. Forward-looking statements are
not intended to be a guarantee of future results, but instead
constitute AES’ current expectations based on reasonable
assumptions. Forecasted financial information is based on certain
material assumptions. These assumptions include, but are not
limited to, our accurate projections of future interest rates,
commodity price and foreign currency pricing, continued normal
levels of operating performance and electricity volume at our
distribution companies and operational performance at our
generation businesses consistent with historical levels, as well as
achievements of planned productivity improvements and incremental
growth investments at normalized investment levels and rates of
return consistent with prior experience.
Actual results could differ materially from those projected in
our forward-looking statements due to risks, uncertainties and
other factors. Important factors that could affect actual results
are discussed in AES’ filings with the Securities and Exchange
Commission (the “SEC”), including, but not limited to, the risks
discussed under Item 1A “Risk Factors” and Item 7:
Management’s Discussion & Analysis in AES’ 2017 Annual
Report on Form 10-K and in subsequent reports filed with the SEC.
Readers are encouraged to read AES’ filings to learn more about the
risk factors associated with AES’ business. AES undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Any Stockholder who desires a copy of the Company’s 2017 Annual
Report on Form 10-K dated on or about February 27, 2018 with
the SEC may obtain a copy (excluding Exhibits) without charge by
addressing a request to the Office of the Corporate Secretary, The
AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203.
Exhibits also may be requested, but a charge equal to the
reproduction cost thereof will be made. A copy of the Form 10-K may
be obtained by visiting the Company’s website
at www.aes.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181102005195/en/
The AES CorporationInvestor Contact:Ahmed Pasha,
703-682-6451orMedia Contact:Amy Ackerman, 703-682-6399
AES (NYSE:AES)
Historical Stock Chart
From Mar 2024 to Apr 2024
AES (NYSE:AES)
Historical Stock Chart
From Apr 2023 to Apr 2024