press-release-details

Press Release Details

AES Announces Chief Financial Officer, Tom O’Flynn, to Transition to New Leadership Role; Deputy CFO, Gustavo Pimenta, to Assume CFO Position

Nov 02, 2018

ARLINGTON, Va.--(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.

The AES Corporation
Investor Contact:
Ahmed Pasha, 703-682-6451
or
Media Contact:
Amy Ackerman, 703-682-6399

Source: The AES Corporation