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ORANGE, Conn. - Avangrid, Inc., a subsidiary of the $115 billion market cap utility giant Iberdrola (InvestingPro data shows a "GOOD" financial health score), announced Monday the appointment of Joe Purington as CEO of Avangrid Networks and Sy Oytan as CEO of Avangrid Power, effective immediately.
The appointments come one month after former Avangrid CEO Pedro Azagra was named CEO of parent company Iberdrola, S.A., which led to Jose Antonio Miranda assuming the role of Avangrid CEO. According to InvestingPro, Iberdrola has maintained dividend payments for 45 consecutive years, demonstrating remarkable stability in leadership and shareholder returns.
Purington, who brings 28 years of experience at Central Maine Power, previously served as President and CEO of CMP since 2021. Last year, he expanded his responsibilities to oversee Networks’ shared services. In his new role, he will oversee all of Avangrid’s operating companies.
Oytan joined Avangrid in 2020 and most recently served as Chief Operating Officer of Offshore. He previously held senior positions at independent power producers in Europe and at global firms including Arup, Siemens Gamesa, and Schlumberger. Oytan has over 24 years of experience, including leading the development, construction, and operation of more than 10 GW of energy projects worldwide.
"As Avangrid looks to the future and works to deliver on our plan to invest $20 billion in the U.S. grid by the end of the decade, I believe Joe and Sy have the right combination of skill and experience," said Miranda in the press release.
Avangrid, a member of the Iberdrola Group, operates in 23 states with approximately $48 billion in assets. The company owns eight electric and natural gas utilities serving more than 3.4 million customers in New York and New England, and operates over 75 energy generation facilities across the United States. Parent company Iberdrola generates annual revenues of $48.6 billion and offers investors a substantial 3.9% dividend yield. InvestingPro subscribers can access additional insights about the company’s financial metrics and growth potential.
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