EDP CEO Miguel Stilwell will not seek a new term and leaves after the 2027 AGM

The announcement

EDP chief executive Miguel Stilwell has told the company's General and Supervisory Board that he will not be available to sit on its governing bodies in the next term. The statement was sent to the CMVM, the Portuguese securities market regulator, on Wednesday, 4 November 2026. Stilwell will leave the post at the end of the current term, which closes with the annual general meeting to be held in 2027. Until then he will keep exercising his functions with full backing from the board.

Vera Pinto Pereira, CEO of EDP Comercial and a member of the executive board, has also said she will not seek a place on the company's bodies in the next three-year term. Her departure, together with Stilwell's, means the board loses two of its members. Rui Teixeira and Ana Paula Marques remain in place for now.

Stilwell framed the choice in the company's statement and described it as a hard but correct decision.

“It was not an easy decision, but it is the right one.”

He said EDP was marking its 50th anniversary from a solid position, with an exceptional team and a promising future, and that the moment had come to close a chapter that had shaped him over the last two decades.

Stilwell's record at EDP

Stilwell has spent more than two decades at EDP and has led the company as chief executive for two mandates. He joined the group in 2000 in its strategy, corporate development and M&A unit, which he directed between 2005 and 2009. Europa Press reports that he was closely involved in acquiring several renewable energy companies that later formed EDP Renovaveis, and in several stages of the utility's reprivatisation. Before his career at EDP he worked at UBS Investment Bank in London, mainly on mergers and acquisitions.

The chairman of the General and Supervisory Board, António Lobo Xavier, thanked Stilwell for 25 years of dedication to the company. He credited the two CEO mandates with notable growth and with an organisation prepared for the challenges of the energy sector. Stilwell himself pointed to record earnings and a solid balance sheet as the results of his tenure.

Succession process

The General and Supervisory Board will coordinate the process of choosing a successor. Its Corporate Governance and Sustainability Committee will oversee the search with the support of an independent international executive search firm. Candidates may come from inside or outside the company. EDP expects the next governing bodies to be elected at the 2027 annual general meeting.

Timing and context

The announcement came a day before EDP and EDP Renewables were due to present their financial results for the first nine months of the year. Observador reports that the transition will run until April 2027, when Stilwell's current term ends. The company has told the market that Stilwell will continue in his role until then.

The next governing bodies are to be elected at the 2027 annual general meeting, and Stilwell's successor will be chosen from that process.