AES Announces Reorganization To Simplify Portfolio - Quick Facts

(RTTNews) - 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.