EDP CEO Stilwell d'Andrade to step down in 2027, triggering succession search

By Sergio Goncalves

LISBON, Nov 4 (Reuters) - EDP EDP.LS Chief Executive Miguel Stilwell d'Andrade will step down in 2027 after opting not to seek another term, the Portuguese utility said on Wednesday, triggering a search for a new leader at the owner of the world's fourth-largest wind power producer.

EDP said Stilwell d'Andrade, who has led the utility since 2021, informed the company's General and Supervisory Board that he would not seek a third term when his current three-year mandate expires at the company's annual shareholders' meeting in April 2027.

The company said he would remain in charge until the end of his term and continue to oversee EDP's business plan while working with the board to ensure an orderly handover.

Stilwell d'Andrade told Reuters that after 25 years at EDP, including 15 on its executive board and six as CEO, he felt "the right moment had come to step aside after much reflection".

He said the succession should be "as smooth as possible", saying EDP was on a strong footing and that the transition would be "more about continuity" than strategic change.

"The company is in great shape, with strong results, a solid balance sheet, a stable team and strong prospects ahead. Even the share price has recovered well. We're heading in the right direction," he said.

EDP has transformed into one of Europe's leading clean-energy groups, generating around 90% of its electricity from renewable sources and owning EDP Renewables EDPR.LS, the world's fourth-largest wind power producer.

The General and Supervisory Board will oversee the succession, with a formal search supported by an independent international executive search firm, open to both internal and external candidates ahead of the 2027 shareholders' meeting.

EDP shares are up more than 20% so far this year and are trading near a 52-week high.