Grenergy Renovables SA, a leading Spanish renewables company, announced on Friday that Pablo Otin Pintado has resigned from both the board of directors and his executive position, effective immediately. This decision follows his removal from the CEO role and the termination of his professional relationship with the company.
Leadership Transition
Grenergy cited the need for different leadership to achieve its objectives for the coming years. David Ruiz de Andres, the current executive chairman, will assume the additional role of CEO. Notably, Ruiz de Andres had held both positions in parallel until earlier this year when it was decided to separate the roles of chairman and CEO. Otin Pintado was promoted to CEO at that time from his previous position as chief operating officer.
Financial Context
Otin Pintado’s departure comes shortly after Grenergy reported a significant decline in earnings, with the company earning only EUR 6.3 million (USD 6.5 million) over the first three quarters of 2024, marking a 91% decrease year-on-year. This downturn is attributed to a heavy investment drive, particularly due to the Oasis de Atacama battery energy storage giga-project in Chile, which has absorbed a substantial portion of the company’s capital expenditure.
Sources
- Grenergy Renovables Official Announcement
- Financial Reports of Grenergy
- Market Analysis on Spanish Renewables
