NextEra Energy, Inc. announced that Eric Silagy, chairman, president and chief executive officer (CEO) of Florida Power & Light Company (FPL), has notified the company of his intention to retire after 20 years with the company, including 11 years leading FPL.
Armando Pimentel, who previously served in several senior executive roles with NextEra Energy, will rejoin the company and is named president and CEO, FPL. John Ketchum, chairman, president and CEO, NextEra Energy, is named chairman, FPL.
"I want to thank Eric for his 20 years of dedicated service to our company, our customers and the communities where we do business," said Mr. Ketchum. "Eric is a passionate advocate for continuous improvement and under his leadership FPL has transformed into the nation's largest electric utility, providing our customers with the country's most reliable service with bills significantly lower than the national average. His commitment to putting customers first was on full display last year during hurricanes Ian and Nicole, where his dedication, commitment and compassion drove the FPL team to restore power in record time and quickly put the state of Florida back on its feet. Eric has been a devoted supporter of the state and his work for a variety of organizations has helped to foster Florida's economic growth, strengthen the state university system and grow the next generation of Florida leaders. I wish Eric and his family all the best on this next chapter in life."
Mr. Silagy has worked for NextEra Energy for nearly two decades. Prior to his appointment as president of FPL in 2011, he served as senior vice president of regulatory and state governmental affairs and as chief development officer, managing all generation development, including solar, natural gas and nuclear energy projects. Mr. Silagy also spent time working for NextEra Energy Resources, LLC, where he served as vice president and general manager of the southern region, and vice president of business development.
Prior to joining NextEra Energy, Mr. Silagy served as vice president, mergers, acquisitions and divestitures at Entergy Wholesale Operations, and as vice president and managing director, Southeast Asia, for The Wing Group, a subsidiary of Western Resources. He also worked for U.S. Senator J. Bennett Johnston of Louisiana in several capacities, including chief of staff.
"It has been an honor and privilege to lead the FPL team for more than a decade and I couldn't be more proud of the accomplishments we have delivered to our customers and the state of Florida," said Mr. Silagy. "Over the last decade, we have transformed FPL's generation fleet into one of the cleanest, most reliable and lowest-cost portfolios in the country, delivered award-winning customer service, ensured bills are significantly lower than the national average and provided our customers the best grid reliability in the country. These results are the consequence of the hard work and dedication of our nearly 10,000 FPL employees, who every day put the customer first and always strive to innovate and do better. I know the future is bright and that I am leaving the company in great hands."
Mr. Silagy continued, "When John became CEO of NextEra Energy last year, I committed to him that I would stay in my role for at least one more year and I've now satisfied that commitment. While saying 'goodbye' to such a great organization is always difficult, I know that now is the right time for me to hand over the reins of FPL."
Commenting on Mr. Pimentel rejoining NextEra Energy, Ketchum said, "We welcome Armando back to our company. He is a good friend and colleague who I've worked closely with for many years and I am delighted that he will be rejoining our team. Armando has deep knowledge of our company and our culture and he will bring incredible discipline and industry experience to his role leading FPL. He is also a life-long Floridian who cares deeply about serving our customers. His previous experience as chief financial officer (CFO) for both NextEra Energy and FPL will allow him to quickly hit the ground running with a focus on delivering value to our many stakeholders."
From May 2008 to March 2019, Mr. Pimentel was a member of NextEra Energy's senior executive team. Initially, he served as NextEra Energy's and FPL's CFO. In October 2011, he was named president and CEO of NextEra Energy Resources, LLC, the company's competitive power generation subsidiary, a position he held until March 2019 when he retired. He also served as president and a member of the board of NextEra Energy Partners, LP from June 2014 until March 2019.
Prior to joining NextEra Energy, Mr. Pimentel was a senior partner at Deloitte & Touche LLP. He also previously worked as an accounting fellow with the Office of the Chief Accountant of the Securities and Exchange Commission. Mr. Pimentel currently serves on the board of Ameriprise Financial, Inc.
Mr. Pimentel will officially take up his new role at FPL on Feb. 15, 2023, after which he and Mr. Silagy will work closely together to ensure a smooth transition of responsibilities. Mr. Silagy's last day with NextEra Energy will be May 15, 2023.
