- Push-out Score determined
- After less than two and a half years in the position
- Thanks for Dubuc
- Julian Nebreda taking over
- Dubuc said 63 words
(exechange) — Arlington, Virginia, August 8, 2022 — Manuel Dubuc, chief executive of Fluence, leaves. As announced by Fluence Energy Inc. in a news release and in a regulatory filing published on Monday, August 8, 2022, Manuel Perez Dubuc leaves his post as chief executive officer at the provider of energy storage products, after less than two and a half years in the role, effective August 31, 2022.
Manuel Dubuc’s duties as CEO will be taken over by Julian Nebreda, currently Executive Vice President and President of US & Global Business Lines at The AES Corporation.
Already a director
Nebreda is already a director of Fluence. Generally speaking, most director-turned-CEO appointments occur following a sudden resignation of the outgoing CEO and signal a lack of preparedness on the company’s part to groom internal talent. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Nebreda understands the expectations and dynamics of the board and has knowledge of Fluence’s organization, risk-management practices and strategy.
“Capitalize on the broader energy transition”
Fluence did not give an explicit reason for Manuel Dubuc’s departure from the CEO post. Nebreda said: “I am honored to lead Fluence into the next phase of its maturity and growth. The potential of this company is tremendous and Fluence is well positioned to capitalize on the broader energy transition. As we take Fluence to the next level of success, we will focus on delivering sustainable profitability, while continuing to capture the growth offered by our young industry.”
Precise information regarding Manuel Dubuc’s future plans was not immediately available.
“Step down”
Fluence said: “[C]urrent board member Julian Nebreda will succeed Manuel Perez Dubuc as President and Chief Executive Officer of the Company, effective September 1, 2022.”
Fluence further said: “Mr. Perez Dubuc will step down from his role as Chief Executive Officer, effective August 31, 2022 and is expected to resign as a director from the Board, effective August 31, 2022. Mr. Nebreda is expected to take office effective September 1, 2022, following a transition period with Mr. Perez Dubuc, to ensure a smooth handover. Mr. Nebreda will remain on the Company’s Board.”
Share price decline since January 2022
The announcement follows a decline in Fluence Energy Inc.’s share price of 52% since January 2022.
In the position of CEO since 2020
Manuel Dubuc became CEO of the Company in 2020.
Manuel Perez Dubuc has served as Chief Executive Officer of Fluence since May 2020 and has served on the Company’s Board of Directors since October 2021.
Dubuc served on the board of directors of Fluence Energy, LLC from October 2018 to May 2020.
Dubuc previously served as SVP of Global Renewables at The AES Corporation from October 2018 to May 2020, president of AES South America from March 2018 to October 2018, and president of AES Mexico, Central America and the Caribbean from December 2012 to March 2018.
He was also chairman & CEO of Meiya Power Corporation (MPC), based in Hong Kong, and president of AES China and North Asia, based in Beijing. Prior to that, he served as CFO and corporate treasurer for EDC in Venezuela and director for Eletropaulo, Brazil.
He currently serves as a director at Ron Santa Teresa, Venezuela. Dubuc holds an MBA in finance from IESA and a bachelor’s degree in electrical engineering from Universidad Simón Bolívar.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Manuel Dubuc’s move on a scale of 0 to 10.
exechange reached out to Fluence and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 33.2022 ($).