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Posted 03 March, 2022

Avangrid, Inc. appointed Pedro Azagra Blázquez as new CEO

NYSE:AGR appointed new Chief Executive Officer Pedro Azagra Blázquez in a 8-K filed on 03 March, 2022.


  On March 1, 2022, the Board of Directors of the Company (the "Board"), upon recommendation of its Compensation, Nominating and Corporate Governance Committee (the "Committee"), appointed Pedro Azagra Blázquez as Chief Executive Officer of the Company, effective the date Mr. Arriola ends his service as Chief Executive Officer of the Company.  

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Overview of Avangrid, Inc.
Companies on the Energy Service • Electric Utilities
Avangrid, Inc. engages in the energy transmission and gas distribution. It operates through the following segments: Networks, Renewables, and Other. The Networks segment includes energy transmission and distribution, electric transmission, and gas distribution activities. The Renewables segment relates to renewable energy, mainly wind energy generation and trading related to such activities. The Other segment covers miscellaneous corporate revenues including intersegment eliminations. The company was founded in 1852 and is headquartered in Orange, CT.
Market Cap
$12.4B
View Company Details
Avangrid, Inc. by TradingView
Relevant filing section
Item 5.02 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


On February 27, 2022, Dennis V. Arriola, the Chief Executive Officer of Avangrid, Inc. (the "Company"), notified the Company of his decision to leave the business, effective May 28, 2022. 

On March 1, 2022, the Board of Directors of the Company (the "Board"), upon recommendation of its Compensation, Nominating and Corporate Governance Committee (the "Committee"), appointed Pedro Azagra Blázquez as Chief Executive Officer of the Company, effective the date Mr. Arriola ends his service as Chief Executive Officer of the Company. Mr. Azagra Blázquez will continue to serve as a member of the Board and the Executive and Special Committees of the Board. 

Mr. Azagra Blázquez, age 53, currently serves as the Chief Development Officer of Iberdrola, S.A. ("Iberdrola"), a leading energy company and the Company's controlling shareholder, a position he has held since 2008. Mr. Azagra Blázquez previously served as Iberdrola's Director of Strategy. He has also served as Professor of Corporate Finance and Mergers and Acquisitions at Universidad Pontificia de Comillas, in Madrid, Spain, since 1998. Mr. Azagra Blázquez formerly served on the board of directors of Siemens Gamesa Renewable Energy, S.A. He earned a business degree and a law degree from Universidad Pontificia de Comillas and an M.B.A. from the University of Chicago. Mr. Azagra Blázquez has served as a member of the Company's Board since 2019 and previously served as a member of the Board from 2014 until 2018. In addition, Mr. Azagra Blázquez serves as a member of the board of directors of Neoenergia, S.A., a member of the Iberdrola group of companies listed on the São Paulo Stock Exchange. 

As previously disclosed, the Company and Iberdrola are parties to a shareholders agreement, dated December 16, 2015, entered into in connection with the completion of the acquisition by the Company of UIL Holdings Corporation pursuant to a merger agreement (the "Shareholders Agreement"). The Shareholders Agreement sets forth certain governance arrangements and contains various provisions relating to, among other things, representation on the Board, minority protections that limit the disposal or transfer of shares of the Company by Iberdrola, registration rights, preemptive rights and protections for the Company relating to affiliate transactions, competitive business opportunities, and certain information and access rights. In addition, the Company has entered into certain transactions with Iberdrola, as disclosed in the Company's definitive proxy statement filed with the Securities and Exchange Commission on April 16, 2021, and the current report on Form 8-K filed with the Securities and Exchange Commission on May 12, 2021. 

The Board has not yet determined the compensation payable to Mr. Azagra Blázquez in connection with the commencement of this new role as Chief Executive Officer of the Company. The Company will file an amendment to this current report on Form 8-K within four business days of such determination.