Current executive president (CEO) of Efacec Power Solutions (EPS) Angelo Ramalho will step down on July 31 after nine years in the role, the company announced on Tuesday, and will be replaced by current “chairman” Christian Klingler on an interim basis.
“The vision and leadership of Angelo Ramalho, at the helm of Efacec’s destiny, have been fundamental in preserving the company during some of its most difficult moments and allowing it to have a promising future. Your support throughout the transition process, which we have come to believe has been equally fundamental to its success, now that we are beginning to see positive operating results,” Klingler said, as quoted in the statement.
Angelo Ramalho, also quoted in the document, says it has been a “privilege to work at Efacec” and describes his journey at the company as “a journey with many challenges, including a period of great uncertainty and turbulence,” which it was possible “to overcome together.”
“With the new shareholder, we have created the basic conditions for the future of the company. Now is a different time, new incentives and new challenges for Efacec and for me,” he says.
According to the statement, under Ramalho’s leadership, Efacec “faced and overcame one of the biggest challenges in its 75-year history following the impact of the shareholder crisis,” “ensuring leadership and continuity of the company in three particularly different phases and with three different shareholders.”
“In a period of great difficulty and complexity, this allowed the company to maintain its skills, remain attractive to renowned investors, and maintain social peace despite the media environment,” he points out, highlighting that during the nine years that Ramalho has been in charge, Efacec “has reoriented the business towards higher-value segments and more developed markets with less risk, promoting a culture of efficiency and sustainability.”
“At the same time, the company continued to innovate, earning public recognition for it, through the development of its portfolio of technologies and products,” he adds.
On behalf of the entire organization, the Efacec Board of Directors “is deeply grateful to Angelo Ramalho for the commitment, competence, determination and leadership qualities demonstrated during his time with the company, and wishes him the greatest success in his personal and professional future.”
Headquartered in Matosinhos and employing around 2,000 people, Efacec operates in the energy and mobility value chain as a supplier of integrated EPC (Engineering, Procurement and Construction) solutions and systems and as an O&M (Operations and Maintenance) services partner.
Last November, the state completed the sale of the entire capital of Efacec, which was nationalized in 2020 during the Luanda Leaks scandal, to the German investment fund Mutares. The company was indirectly controlled by Isabel dos Santos.
As part of the sale to the Mutuares fund, the state agreed to inject 160 million euros into the company to cover the remaining debt (banks and bondholders), working capital and restructuring costs. These amounts are in addition to the 200 million euros that had already been injected into the company after nationalization.
Still in the public sector, Banco de Fomento holds bonds (convertible into equity) issued by Efacec worth 35 million euros.
Author: Lusa
Source: CM Jornal
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