ARLINGTON, Va.--(BUSINESS WIRE)--The AES Corporation (NYSE: AES) announced today that Mr. Jeffrey Ubben, Founder and Chief Executive Officer of ValueAct Capital, has been appointed to AES’ Board of Directors, effective immediately. This appointment is a continuation of the Company’s efforts to create shareholder value.
“We are delighted to welcome Jeff to AES’ Board. Jeff’s exceptional investment management track record and extensive public market experience will further enhance our expertise and strength,” said Charles Rossotti, AES Chairman. “We remain committed to enhancing shareholder returns and we believe that Jeff will make a significant contribution to that end in an increasingly dynamic global energy market that is demanding innovative solutions.”
“In recent years AES began a transition to become a more sustainable company by selling coal assets and investing in wind, solar and energy storage,” said Jeff Ubben, AES Director. “AES is well positioned to play a leading role in bringing new energy solutions to the domestic and international markets it serves.”
Mr. Ubben will serve on the Compensation Committee and the Financial Audit Committee.
Mr. Ubben is a Founder and the Chief Executive Officer of ValueAct Capital, an investment firm based in San Francisco, California with over $15 billion in assets under management. Mr. Ubben is a Director of Twenty-First Century Fox Inc., and is a former Director of Gartner Group, Inc., Misys plc, Sara Lee Corp., Valeant Pharmaceuticals International and Willis Towers Watson plc, as well as other public and private companies. Mr. Ubben serves on the boards of Duke University, Northwestern University and the E.O. Wilson Biodiversity Foundation, and formerly served as Chair of the national board of the Posse Foundation.
The AES Corporation (NYSE: AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 16 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 18,000 people is committed to operational excellence and meeting the world’s changing power needs. Our 2016 revenues were $14 billion and we own and manage $36 billion in total assets. To learn more, please visit www.aes.com. Follow AES on Twitter @TheAESCorp.
AES Safe Harbor Disclosure
This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES’ current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as achievements of planned productivity improvements and incremental growth investments at normalized investment levels and rates of return consistent with prior experience.
Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES’ filings with the Securities and Exchange Commission (the “SEC”), including, but not limited to, the risks discussed under Item 1A “Risk Factors” and Item 7: Management’s Discussion & Analysis in AES’ 2016 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES’ filings to learn more about the risk factors associated with AES’ business. AES undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Any Stockholder who desires a copy of the Company’s 2016 Annual Report on Form 10-K dated on or about February 27, 2017 with the SEC may obtain a copy (excluding Exhibits) without charge by addressing a request to the Office of the Corporate Secretary, The AES Corporation, 4300 Wilson Boulevard, Arlington, Virginia 22203. Exhibits also may be requested, but a charge equal to the reproduction cost thereof will be made. A copy of the Form 10-K may be obtained by visiting the Company’s website at www.aes.com.