press-release-details

Press Release Details

AES President and CEO Announces New Organizational Structure and Executive Leadership Changes

Oct 18, 2011

ARLINGTON, Va., Oct 18, 2011 -- The AES Corporation's (NYSE:AES) President and Chief Executive Officer Andrés Gluski today announced that the Company has redefined its operational management and organizational structure around two business lines - Utilities and Generation.

"We are changing our organization in line with our strategy in which we will be able to achieve our objectives of reducing overhead by eliminating reporting layers and improving profitability by taking greater advantage of operational synergies among similar businesses. We also expect that the new structure will result in a more streamlined approval process and provide greater speed of execution," said Andres Gluski, AES' President and Chief Executive Officer.

Effective immediately, Andrew Vesey is named Chief Operating Officer of Utilities and Ned Hall is named Chief Operating Officer of Generation. Victoria Harker is named President of Global Business Services and will continue to serve as Chief Financial Officer.

Mr. Vesey, former Executive Vice President and President of Latin America and Africa, will oversee AES businesses in Africa, Argentina, Brazil, Central America and the Caribbean, Kazakhstan, Ukraine, and utilities in the U.S. He will also lead the Company's global construction and engineering group.

Mr. Hall, former Executive Vice President and President of North America and Global Wind, will oversee all of the Company's generation businesses in North America (excluding those in AES' utilities), Europe, and Asia, as well as lead AES Gener, its subsidiary in Chile with over 4,000 MW in operation. Additionally, Ned Hall will lead the Company's Energy Storage business and global fuel purchasing.

Chief Financial Officer, Victoria Harker, in addition to managing all financial functions, will also have expanded responsibility for Enterprise Risk Management and will serve as President of Global Business Services, a newly formed enterprise which is comprised of Information Technology and Global non-fuel Sourcing.

About AES

The AES Corporation (NYSE: AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 28 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 29,000 people is committed to operational excellence and meeting the world's changing power needs. Our 2010 revenues were $17 billion and we own and manage $41 billion in total assets. To learn more, please visit http://www.aes.com.

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, including, but not limited to, the risks discussed under Item 1A "Risk Factors" in AES' 2010 Annual Report on Form 10-K and the Form 10-Q for the quarter ended June 30, 2011. 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 2010 Annual Report on Form 10-K dated on or about February 25, 2011 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 http://www.aes.com.

SOURCE: AES

AES
Joel Abramson, 703 682 6301

Back