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“There are difficult decisions in life and this is one of them. My leadership at EDP has been an extraordinary journey over the last 15 years, which justifies the enormous affection I have for the company and its people ”, this is how António Mexia’s exit letter from EDP begins this Monday, November 30th.
The executive president of EDP and the executive president of EDP Renováveis, João Manso Neto, both suspended from their position by court decision, announced today that they are not available to continue ahead of the power company.
The decision to leave EDP takes place “regardless of the decision that the Lisbon Court of Appeal may issue on the appeal that was brought to me regarding the enforcement measures applied almost six months ago”, can be read in the letter, which has four pages, to which the Economic Journal had access.
“If, as expected, the Lisbon Relationship reverses the suspension measures, as I have already shown, I will try to contribute to this transition, which allows EDP to develop, without a start, all the enormous potential identified and in full execution, continuing the work carried out to this day and which is widely recognized by the market ”, according to the document.
EDP shareholders who have a seat on the General and Supervisory Council (CGS) intend to hold an extraordinary general meeting in January 2021 to elect a new executive committee in 2023. In this regard, they asked the interim CEO, Miguel Stilwell, to present a proposal to the executive committee.
“There are difficult decisions in life and this is undoubtedly the most difficult of my professional life, especially because it arises from a context of incomprehensible justice. But I take it thinking about EDP and who has always trusted me: our clients and our partners, but above all, the almost 12 thousand people who are the strength of this company, who have always lived up to my expectations and have always have inspired me, and the more than 100,000 shareholders who believe in it and the reference shareholders who, in addition to believing, for their performance have been decisive for the success of the company “, wrote the manager in the letter addressed to the president of the General and Supervisory Council (CGS), Luís Amado, and the president of the General Meeting, Luís Palha da Silva.
The most important points in António Mexia’s farewell letter
1 – Activation of the market capitalization. In the letter, António Mexia points out that EDP’s value on the stock market has doubled in 15 years, and that “the group today has the two largest companies listed on the Lisbon Stock Exchange, which together represent more than half the value” of PSI 20.
2 – A third of the investment was made in Portugal. The manager highlights that the EDP group has invested a total of 34,000 million euros since 2006, 20,000 million in the field of renewables, with more than 11,000 million invested in Portugal.
3 – Early investment in renewable energy. In the future, when analyzing the 2006-2020 period at EDP, António Mexia’s leadership will stand out for its early commitment to renewable energy. In these years we have transformed EDP into an unavoidable leader in renewable energies, with a strategy focused on the energy transition, without which we would have led to total strategic irrelevance ”.
4 – Largest Portuguese company. António Mexia also highlights the fact that EDP has become the largest national company. We guarantee a global presence in the most competitive markets in the world, being EDP today the largest multinational of Portuguese origin with a presence in 19 countries, and without which we would not have the unquestionable relevance that we have achieved ”. The official also highlights the “naturalness” with which the EDP group is “respected”, as can be seen from the presidency of the Association of Electricity Companies of Europe, the “contribution to the redesign of the electricity sector in Spain and Brazil”, or “ Redefining European energy policy ”.
5 – 60% appreciation despite the “adversity”. EDP has appreciated almost 60% since March 2019, the moment of the last update of the electric company’s strategic plan, with EDP Renováveis more than doubling its value during this period. This at a time when the European electricity sector rose 30% and the PSI was backing down, as highlighted in the letter from António Mexia, at a time when the CMEC judicial process was already in court. “Even in this adversity scenario, in the last three years and under my leadership, EDP has strengthened its international growth, expanded markets and strengthened its capital structure. In an exceptionally demanding and difficult time, we were able to stay the course of the company. “
6 – Team talent. The letter also highlights the “quality and talent of a great human team, with employees of more than 44 nationalities, in which I allow myself to highlight the crucial role of the members of the management bodies, and for the permanent trust and demonstrations of support that have always been with us. given unequivocally by our shareholders.
7 – The process. “In June 2017, we were faced with the so-called ‘CMEC process’ for the first time, and then we learned that it had started in 2012 with an anonymous complaint and had already been investigated for five years.” Later, in July 2020, this process came to know “incomprehensible developments,” Mexia writes. “It is with deep indignation and astonishment that in the last more than three years I have continued to witness the development of a process based on insinuations and suspicions, based on a fanciful and purely speculative construction, without any attachment to the truth of the facts.”
8 – “Artificially dragged research”. The manager leaves harsh criticism about the way the CMEC process is being carried out in the courts. “Eight years after the investigation and without new facts, an unjustified application of new enforcement measures was carried out, with emphasis on the suspension of my functions.”
“This fact that illegally prevents me from working, from exercising my current mandate at EDP since last July, which is a month from the end, added to an artificially elaborated investigation, leads me to consider that it is time to change”, you can read in the letter.
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