In a recent filing with the Securities and Exchange Commission, Avangrid (NYSE:AGR) Networks, Inc. announced that its President and Chief Executive Officer, Catherine S. Stempien, will step down from her position effective July 5, 2024. Avangrid Networks is a wholly owned subsidiary of Avangrid (NYSE:AGR), a diversified energy and utility company.
The notification of Stempien's resignation was made on May 1, 2024, and the company disclosed the upcoming change in leadership in their regulatory filing. The reasons for her departure have not been provided in the filing. As of now, Avangrid Networks has not named a successor to Stempien.
Stempien's tenure at Avangrid Networks has been marked by her leadership in the utility sector, where Avangrid has been involved in the development and operation of renewable energy and the delivery of electricity and natural gas. Avangrid, through its subsidiaries, operates in 24 states and serves approximately 3.3 million customers.
The announcement comes at a time when the energy sector is undergoing significant transformation, with a growing emphasis on sustainability and renewable energy sources. Avangrid itself has been a part of this shift, investing in and managing renewable energy projects, including wind and solar power facilities.
Investors and market watchers will be closely observing Avangrid's next steps in the coming weeks as the company prepares for this transition in leadership. The company's performance and strategic direction will be of particular interest as it seeks to continue its growth within the evolving energy landscape.
This development is based on a press release statement and the information provided is intended for general market information. Avangrid has not yet made any additional comments regarding the planned resignation or the search for a new CEO.
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