Eneva’s meeting on April 28 will mark a renewal of the company’s board of directors, signaling a pacification of the conflict between the energy generator’s main shareholders.
The slate — which has seven names (two of them new) — was unanimously nominated by BTG Pactual, which has 27% of the company, Cambuhy (with 20%) and by managers Dynamo, Atmos and Velt Partners — which together hold 18% of the company and are united by a shareholders’ agreement since 2020.
The shareholders “manage to resolve the composition in an adult way, preventing the choice from going to the multiple vote,” said one of the shareholders. “I think it shows a pacification of the conflicts that occurred.”
Conflicting views between the main shareholders — BTG and Cambuhy — contributed to the departure of CEO Pedro Zinner, who will take over Stone in April.
According to an investor, there is now a consensus among the largest shareholders on the path that Eneva has to follow this year: reduce leverage, which closed the third quarter at 2.4x EBITDA, but without neglecting to take advantage of any opportunities.
“It will be a year of deleveraging, of selling one asset or another, but of continuing to look for opportunities,” he said. “If something appears, it can be financed with the sale of assets, cash generation, or with a possible capital increase.”
The new slate marks the departure of chairman Jerson Kelman, who had been on the board for three terms, and Elena Landau, who had been appointed by the largest funds with a position in the company.
In their place, enter Barne Seccarelli Laureana BTG executive with experience in carrying out thermal works, and José Castanheirathe former chairman of BR Malls who has already represented Dynamo in several boards.
The plate also includes Renato Mazzola and Felipe Gottlieb, partners of BTG; It is Marcelo Medeiros e Guilherme Botturaboth from Cambuhy.
Henri Philippe Reichstaltoday the vice-president of the board and an indication of the funds, will take over as chairman instead of Kelman. In addition to Eneva, the former CEO of Petrobras is also a director at LATAM Airlines and Repsol, the Spanish oil company.
With the nomination, the chairman remains independent.
“Eneva never had a chairman who was linked to the controlling groups. I think that’s how the company can prosper over time,” said the shareholder. “Most of the time everyone will have a unified view of value creation. There may be a difference in relation to the pace of M&A at some point, but everyone is committed to the future of the company.”
The appointment of the new slate comes just over a month following the three funds sent a letter to the board asking for changes in Eneva’s governance.
Voting on these proposals must be done in the same assembly that will confirm the new council.
Peter Arbex
