AES Announces CFO Transition

Rhea-AI Summary

AES Corporation (NYSE: AES) has appointed Stephen Coughlin as its new Executive Vice President and Chief Financial Officer, effective October 15, 2021. Coughlin previously led AES' Corporate Strategy and Financial Planning groups, and served as CEO of Fluence, AES' energy storage joint venture with Siemens. He succeeds Gustavo Pimenta, who is set to join Vale S.A. as CFO. Coughlin's extensive clean energy and finance experience is expected to contribute significantly to AES' leadership team, enhancing its strategic goals in renewables and energy storage.

Positive

• Coughlin's extensive experience in clean energy and finance is expected to strengthen AES' leadership.
• Coughlin's prior roles demonstrate a clear understanding of AES' operations and strategy.
• The transition is framed positively, indicating continuity and strategic focus.

Negative

• None.

ARLINGTON, Va., Sept. 21, 2021 /PRNewswire/ -- The AES Corporation (NYSE: AES) announced today the appointment of Stephen Coughlin as Executive Vice President and Chief Financial Officer, effective October 15, 2021.  Most recently, Coughlin led AES' Corporate Strategy and Financial Planning groups, including serving as the Chair of the Company's Investment Committee.  Prior to that role, he served as the Chief Executive Officer of Fluence, AES' energy storage joint venture with Siemens.  Coughlin succeeds Gustavo Pimenta, who will be joining Brazilian mining company, Vale S.A., as Chief Financial Officer.

"Steve Coughlin brings a wealth of clean energy and finance experience that will serve us incredibly well.  We are thrilled that he will be joining the senior leadership team," said Andrés Gluski, AES President and Chief Executive Officer.  "I also want to thank Gustavo Pimenta for his meaningful contributions as CFO, including leading the transition to becoming an investment grade company.  We have worked hand-in-hand to deliver on all of our strategic and financial goals, including the rapid expansion of our renewables and energy storage businesses, and I wish him the best in his new role."

"I am proud to have contributed to AES' transformation to one of the leading companies for innovation in the sector," said Gustavo Pimenta. "It was a pleasure to work with such a talented team and I see AES as positioned for great success in the future."

Coughlin joined AES in 2007 in the finance team of the then-AES wind generation organization.  He subsequently served in a variety of leadership roles at AES, including leading the energy storage business through a phase of rapid expansion and serving as the founding CEO of Fluence.  Coughlin holds a bachelor's degree in commerce and finance from the University of Virginia and a master's degree in business administration from the University of California, Berkeley.

About AES
The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy.  Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions the world needs.  Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today.  For more information, visit www.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' current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our expectations regarding the COVID-19 pandemic, accurate projections of future interest rates, commodity price and foreign currency pricing, 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 the execution of PPAs, conversion of our backlog and 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' filings with the Securities and Exchange Commission (the "SEC"), including, but not limited to, the risks discussed under Item 1A: "Risk Factors" and Item 7: "Management's Discussion & Analysis" in AES' 2020 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES' filings to learn more about the risk factors associated with AES' business. AES undertakes no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

Any Stockholder who desires a copy of the Company's 2020 Annual Report on Form 10-K filed February 25, 2021 with the SEC may obtain a copy (excluding Exhibits) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. A copy of the Form 10-K may be obtained by visiting the Company's website at www.aes.com.

Website Disclosure
AES uses its website, including its quarterly updates, as channels of distribution of Company information.  The information AES posts through these channels may be deemed material.  Accordingly, investors should monitor our website, in addition to following AES' press releases, quarterly SEC filings and public conference calls and webcasts.  In addition, you may automatically receive e-mail alerts and other information about AES when you enroll your e-mail address by visiting the "Subscribe to Alerts" page of AES' Investors website.  The contents of AES' website, including its quarterly updates, are not, however, incorporated by reference into this release.

View original content to download multimedia:https://www.prnewswire.com/news-releases/aes-announces-cfo-transition-301382198.html

SOURCE The AES Corporation

FAQ

Who has been appointed as the new CFO of AES?

Stephen Coughlin has been appointed as the new Executive Vice President and Chief Financial Officer of AES, effective October 15, 2021.

What position did Gustavo Pimenta hold before leaving AES?

Gustavo Pimenta was the Chief Financial Officer (CFO) of AES before he joined Vale S.A. as CFO.

What experience does Stephen Coughlin bring to AES?

Stephen Coughlin brings extensive experience in clean energy and finance, having previously led Corporate Strategy and Financial Planning at AES and served as CEO of Fluence.

When will Stephen Coughlin officially start his role as CFO?

Stephen Coughlin will officially start his role as CFO of AES on October 15, 2021.