Business
Endesa S A : Board of Directors unanimously appoints Gianni Vittorio Armani as the company’s new chief executive officer
Endesa S A : Board of Directors unanimously appoints Gianni Vittorio Armani as the company’s new chief executive
About this update from Endesa S.a.
New Directors and farewell address As well as Bogas' appointment as an External Director, Endesa's General Shareholders' Meeting approved the appointment of Angela Eliseo as Shareholder-Appointed Director, replacing Francesca Gostinelli, who has stepped down following her appointment as CEO of Enel Italy; and of Ana Muñoz Merino as Independent Director, replacing Cristina de Parias, whose term expired this year. The General Shareholders' Meeting, held at Endesa's headquarters in Madrid, recorded a quorum of 85,998%. In his farewell address, the outgoing CEO reviewed his three terms in office, highlighting how Endesa, particularly over the past 12 years, has been at the forefront of the energy transition, accelerating decarbonisation, renewables, electrification and digitalisation, phasing out coal and consolidating its position as the leading electricity company in Spain and Portugal. Regarding the international situation, marked by the war in Iran, Bogas underlined the strength of the Spanish electricity system: the high percentage of renewables and the nuclear fleet have limited the impact on prices. In 2026, gas influenced the electricity price in only 15% of the hours, confirming renewables as the main tool for countering volatility in international markets. Iberian power outage and the future of nuclear energy Referring to the Iberian blackout on 28 April 2025, the outgoing Chief Executive Officer reiterated that the incident was due to structural and management shortcomings by the system operator, Red Eléctrica. While he conveyed a message of reassurance about the low likelihood of similar events recurring, he stressed that voltage stability will remain a challenge in a system with an increasing share of renewable energy. He said that this requires the contribution of all technologies, clear rules and a strong degree of institutional coordination. On the subject of nuclear energy, Bogas called for a pragmatic approach to the phase-out plan, proposing that the timetable be aligned with the actual progress of the energy transition. Postponing some plant closures would allow for an orderly transition, avoiding electricity price increases (estimated at around 20%) and negative effects on climate targets, given the role of nuclear power as a stable, CO₂-free source. Annual results With regard to the company's financial performance, over the eight years b...