AES Brasil CEO quits to lead Vibra's ESG-focused department (updated)

AES

31/05/2023 01:36

(Adds detail on the role, CFO appointment, analyst comments)
       SAO PAULO, May 30 (Reuters) - The top executive of AES
Brasil is leaving the power firm to take on a newly created
senior role for renewable energy and other environmental and
social issues at fuel retailer Vibra Energia SA  VBBR3.SA , the
firms said in statements on Tuesday.
    Clarissa Sadock has been the chief executive of AES Corp's
 AES.N  Brazilian unit since 2021. She is set to start a
two-year term in Vibra's new department focused on renewables
and environmental, social and governance (ESG) issues from Aug.
1.
    Through the department, Vibra seeks to speed up the
integration of several recently established joint-ventures into
its business, the company said.
    Analysts at Citi welcomed the news, saying it "may address
investors' concerns regarding the company's (Vibra's) growth
avenue" with subsidiaries such as "Comerc, Evolua, Zeg and
others."
    "Mrs. Sadock's extensive experience in the energy sector is
expected to help the company put the long-term growth plan for
renewable energy back on track and unlock value for its
shareholders," analysts led by Gabriel Barra wrote in a client
note.
    Vibra also said Augusto Ribeiro will be its new chief
financial officer starting on July 3. Ribeiro has been CFO at
fintech PicPay since 2021 after serving as CEO of Iochpe-Maxion
and CFO of BRF Foods.
    Earlier, AES Brasil said Sadock will leave her position on
June 30.

 (Reporting by Peter Frontini and Carolina Pulice; Editing by
David Alire Garcia and Christopher Cushing)
 ((Peter.Siqueira@thomsonreuters.com; +55 11 56447727;))