[ad_1]
Rodrigo Limp (Photo: Pedro França / Senate Agency)
Eletrobras (ELET3; ELET6) reported that its board of directors decided, by majority, to recommend the name of Rodrigo Limp to occupy a position in the collegiate, “pointing to the future exercise of the position of President of the Company.” He will replace Wilson Ferreira Júnior, who announced his departure on January 24 and remained as CEO until the end of March.
According to the document, signed by the Director of Finance and Investor Relations, Elvira Cavalcanti Presta, Limp was appointed by the “controlling shareholder”, the Union, and was not selected by the consulting firm Korn Ferry. The consultancy had been hired for the name selection work, which began in mid-February.
“However, it was evaluated and recommended by the People, Eligibility, Succession and Remuneration Commission, interviewed and approved, by majority, by the Board of Directors, and it meets the legal and technical qualification requirements necessary for the position,” says the release.
Limp is currently Secretary of Electricity of the Ministry of Mines and Energy and was Director of the National Electric Energy Agency – Aneel between May 2018 and March 2020. Degree in Law from the Instituto Brasiliense de Derecho Público – IDP, Executive MBA in Administration: Management in an Electric Power Company from the Getúlio Vargas Foundation – FGV, Master in Public Sector Economics, from the University of Brasília – UNB, Postgraduate in Regulatory Law of Brasilia, from the University of Brasília – UNB and graduate in Engineering Electrical from the Federal University of Juiz de Fora – MG.
“The nomination reaffirms the government’s commitment to continuing actions aimed at increasing operational efficiency and improving Eletrobras’ sustainability strategy, noting that the capitalization process, underway in the National Congress, is essential for the company to be more strong and competitive; contribute to generating employment and income for the Brazilian population; and provide lower costs and better services to electricity consumers ”, says the note.
Following the selection of Rodrigo Limp, Mauro Gentile Rodrigues da Cunha, coordinator of the Audit and Statutory Risk Committee and member of the Eletrobras board of directors, requested his resignation, according to a company statement also published on Wednesday night.
Cunha resigned because he did not agree with the choice of the government’s name. According to him, the recommendation left aside the selection process for the new president, which was underway under the coordination of the consulting firm Korn Ferry. In the resignation letter, Cunha said that there was “an irreparable breach of confidence in the governing process of this council.”
“I hope that the seeds of governance that have been planted persist and flourish again, taking Eletrobras to new flights to fulfill its purpose of providing energy for the sustainable development of our society,” he wrote.
Analyst Rating
In Bradesco BBI’s view, although some viewed Mr. Limp’s appointment as negative to the corporate governance of the state-owned company (due to the government appointment rather than a market choice by the board of directors), the bank’s analysts asserted that “They couldn’t be more satisfied.”
“In our opinion, the government is sending a new message that it is fully focused on privatizing
Eletrobras (the appointment of Diogo Mac Cord as Secretary of Privatization in 2020 was another clear sign, followed by
Provisional Measure to privatize Eletrobras issued in February 2021). We have known and interacted with Limp for several years, during his tenure at ANEEL and as Secretary of Energy, and our view is that he is guided by deep technical insight combined with political wisdom, “say analysts.
Analysts also note that while former CEO Wilson Ferreira is obviously irreplaceable in many ways, critics are “losing focus” thanks to the fact that Wilson and his team (who remain at Eletrobras) rescued the company. and they managed. to become a truly relevant player in the energy sector in Brazil and abroad.
Credit Suisse also points to the choice of Limp as positive. “Limp is a lawyer, knows the sector well and is involved in privatization discussions (supporting it), since he is currently the Secretary of Electricity (MME) and has been director of Aneel”>
(with Estadão content)
Take part in the free Scalper Pro training and understand how to extract profits and control risks on the Stock Market in transactions that take minutes or seconds! Register here.
[ad_2]
