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Energy

Interim CEO of EDP to propose new management team - CMVM

LISBON, Nov 30 (Reuters) - The interim CEO of EDP-Energias de Portugal is to propose a new management team for the company after its chief executives, currently suspended, said they could not stand for another mandate, a statement on market regulator CMVM read.

Chief executive Antonio Mexia and CEO of subsidiary EDP Renovaveis Joao Neto were indicted three years ago on suspicion of corruption and suspended from their positions in July. EDP and the two executives have always denied any wrongdoing.

With both executives’ terms coming to an end in December, interim CEO Miguel Stilwell d’Andrade, appointed in July, will submit a proposal for the composition of a new board to a general shareholders’ meeting expected to be held in January 2021, Monday’s statement said. (Reporting by Victoria Waldersee, Sergio Goncalves; Editing by Chizu Nomiyama)

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