The AES Corporation (NYSE:AES) today announced that President and Chief
Executive Officer Paul Hanrahan intends to leave the company November
30, 2011. He will step down from his position effective September 30,
2011, transitioning his management and board responsibilities to the
company's Chief Operating Officer, Andrés Gluski. Mr. Hanrahan, who led
AES through a period of extraordinary growth during his nine year tenure
as CEO, was the chief architect of AES' capital structure re-alignment
over that same period as well. Over the next 90 days, he will be
assisting the company in carrying out an orderly transition.
Mr. Hanrahan, who has been with AES for 24 years said, "I identified
Andrés as my successor over three years ago and he has gained valuable
experience during that time in his role as AES' Chief Operating Officer.
I am confident that he will be successful in his new role as well; as a
long time AES shareholder, I look forward to seeing the company continue
to flourish under his guidance."
Andrés Gluski, 53, has been Executive Vice President and Chief Operating
Officer of the Company since 2007 and has spearheaded the turnaround of
some of AES' most significant businesses, as well as its major expansion
program in Chile. Andrés is currently Chairman of AES Gener in Chile and
Brasiliana in Brazil, is a member of the Board of the Edison Electric
Institute and has also held the position of CEO and CFO of some of AES'
largest affiliates since joining the company in the year 2000. Prior to
joining AES, Andrés held a number of senior level positions in
telecommunications, energy, government and financial services
institutions such as Grupo Santander and the International Monetary Fund.
As a longtime member of the AES management team, Mr. Gluski said, "We
will fully implement the new strategy of focusing on our core markets
and continue to enhance the competitiveness and efficiency of our
businesses. I look forward to working with our strong, experienced
executive team and building on AES' unsurpassed strategic footprint in
the global power market to help take the company to the next level."
AES Board of Directors Chairman Philip Odeen said, "The board of
directors is extremely proud and appreciative of everything Paul has
done over the past nine years to put the company in the enviable
position it is in today, with both liquidity and earnings at historical
record highs. We are pleased that Paul has prepared Andrés to serve as
such a strong successor and that he will continue to support Andrés
during his period of transition.