The AES Corporation (NYSE:AES) today announced the appointment of Jonathan Coles as AES Executive Vice President and President of the Latin America region and Britaldo Soares as AES Vice President and Group Manager of AES Brazil.
Coles will lead AES’s businesses in Latin America, which include 48 generation plants and nine utilities serving more than eight million customers across the region, including Argentina, Brazil, Chile, Colombia, Dominican Republic, El Salvador and Panama. Through its subsidiaries, AES employs approximately 10,000 people in the region. Coles will report to AES Chief Operating Officer, Andrés Gluski.
Prior to this new role, Coles served as President of IESA, one of the leading Business Schools in Latin America, and served on the Board of Directors of AES’s former integrated utility in Venezuela, La Electricidad de Caracas (EDC). He has held several key executive positions in the private sector, including Chairman and CEO of Mavesa and currently serves on the Boards of Directors of Banco Mercantil in Venezuela and Commercebank in the United States. Earlier in his career, Coles worked at Creole Petroleum Corporation, a former subsidiary of the Exxon Corporation. Coles also has served in a number of high-level government positions including Cabinet Minister and Member of the Board of Directors of the Central Bank of Venezuela. He holds a Bachelor of Arts from Yale University and a Masters in Business Administration from IESA.
“Jonathan brings a tremendous amount of leadership in Latin America, along with first hand knowledge of AES, having served on EDC’s Board of Directors for six years, and having chaired its Audit Committee,” said Gluski.
Britaldo Soares will lead AES Brazil, which comprises AES’s subsidiaries in that country, including distribution companies AES Eletropaulo and AES Sul, and generation facilities AES Tiete and AES Uruguiana. He replaces Eduardo Bernini who is leaving AES but remaining on the Boards of Directors of Eletropaulo and Tiete. Soares will report to Jonathan Coles. Prior to this role, Soares served as Chief Financial Officer of AES’s businesses in Brazil.
“Britaldo has done an outstanding job leading and modernizing our finance organization in Brazil,” said Gluski. “His financial and commercial experience in Brazil provides him with the right skills to consolidate and accelerate the continued improved performance of our Brazilian businesses.”
“AES is very well positioned in Latin America,” said AES President and Chief Executive Officer Paul Hanrahan. “Jonathan and Britaldo have the broad experience to ensure that we remain an innovative and leading energy company in the region.”
About AES
AES is one of the world’s largest global power companies, with 2006 revenues of $12.3 billion. With operations in 28 countries on five continents, AES’s generation and distribution facilities have the capacity to serve 100 million people worldwide. Our 13 utilities amass annual sales of over 73,000 GWh and our 121 generation facilities have the capacity to generate approximately 40,000 megawatts. Our global workforce of 32,000 people is committed to operational excellence and meeting the world’s growing power needs. To learn more about AES, please visit www.aes.com or contact AES media relations at media@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’s current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, 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’s filings with the Securities and Exchange Commission, including, but not limited to, the risks discussed under Item 1A “Risk Factors” in AES’s 2006 Annual Report on Form 10-K. Readers are encouraged to read AES’s filings to learn more about the risk factors associated with AES’s business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
