- Push-out Score determined
- After less than two years in the position
- Pedro Azagra Blázquez taking over
(exechange) — Orange, Connecticut, March 3, 2022 — Dennis Arriola, chief executive of Avangrid, leaves. As announced by Avangrid Inc. in a news release and in a regulatory filing published on Thursday, March 3, 2022, Dennis V. Arriola, chief executive officer, leaves the energy company, after less than two years in the role, effective May 28, 2022.
Dennis Arriola’s duties as CEO will be taken over by Pedro Azagra Blázquez, currently Chief Development Officer at Iberdrola, S.A.
Already a director
Azagra Blázquez is already a director of Avangrid. Directors-turned-executives represent a blend of outsider and insider.
Having been a director, Azagra Blázquez understands the expectations and dynamics of the board and has knowledge of Avangrid’s organization, risk-management practices and strategy.
No reason given
In the announcement, Avangrid did not explicitly explain the reason for the move.
Precise information regarding Dennis Arriola’s future plans was not immediately available.
“Leave”
Avangrid said: “Mr. Azagra will succeed Dennis Arriola who has decided to leave the business, effective May 28, 2022. Avangrid will work towards a smooth transition.”
Avangrid further said: “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.”
Share price increase since July 2020
The announcement follows an increase in Avangrid Inc.’s share price of 2% since July 2020. July 2020 is the month in which Arriola’s tenure as CEO began.
In the position of CEO since 2020
Dennis Arriola became CEO of the Company in 2020.
Arriola has served as Chief Executive Officer of Avangrid since July 20, 2020.
Arriola previously served as executive vice president and group president, and chief sustainability officer of Sempra Energy (“Sempra”), a publicly traded energy infrastructure company from 2017 until July 1, 2020.
Arriola spent most of the past 26 years in a broad range of leadership roles for the Sempra companies including from 2014 to 2016 serving as chairman, president and CEO of Southern California Gas Co. (“SoCalGas”), one of Sempra’s regulated California utilities.
From 2008 to 2012, Arriola worked as executive vice president and chief financial officer for SunPower Corp., a Silicon Valley based solar technology company.
Arriola previously served on the boards of directors for several Sempra operating companies, including Infraestructura Energética Nova (IEnova), a publicly-traded company in Mexico, Luz del Sur S.A.A., a publicly-traded company in Peru, and Chilquinta Energía in Chile.
Arriola holds a bachelor’s degree in economics from Stanford University and a master’s degree in business administration from Harvard University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Dennis Arriola’s move on a scale of 0 to 10.
exechange reached out to Avangrid and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 10.2022 ($).