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Ângelo Ramalho leaves executive presidency of Efacec at the end of the month

The current executive president (CEO) of Efacec Power Solutions (EPS), Ângelo Ramalho, will leave office on July 31 after nine years in office, the company announced this Tuesday, leaving the current chairman ‘, Christian Klingler, to replace him on an interim basis.

“Ângelo Ramalho’s vision and leadership at the helm of Efacec were fundamental in keeping the company alive in some of its most challenging moments, allowing it to have a promising future. Your support throughout the transition process, which we are concluding, was equally fundamental to its success, now that we have started to see positive operational results,” says Klingler, quoted in the statement.

Also mentioned in the document, Ângelo Ramalho says it was “a privilege to serve at Efacec†and describes his journey at the company as “a path with numerous challenges, including a period of great uncertainty and turbulence†€ that it was possible, “together, to overcome†.

“With the new shareholder, we created the basic conditions for the company’s future. Now is a different time, with new stimuli 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 impacts arising from the shareholder crisis†, having “ensured leadership and continuity of the company in three particularly distinct phases and with three different shareholders†.

“In the period of greatest difficulty and complexity, it ensured that the company preserved its skills, remaining attractive to investors of known relevance, maintaining social peace despite the media environment,†he highlights, noting that, during the nine years in Since Ramalho was in office, Efacec “reoriented the business towards higher value segments and more developed and lower risk markets, promoting a culture of efficiency and sustainability†.

“At the same time, it continued to innovate, being publicly recognized for this, through the development of its portfolio of technologies and products,†he adds.

With falling revenues and slowing orders, factories operate below capacity

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On behalf of the entire organization, the Board of Directors of Efacec “is deeply grateful to Ângelo Ramalho for the commitment, competence, determination and leadership capacity demonstrated throughout his time at the company, wishing you the greatest success in your personal and professional future.”

Headquartered in Matosinhos and with around 2,000 workers, Efacec operates in the energy and mobility value chain as a provider of integrated EPC (‘Engineering, Procurement and Construction’) solutions and systems and service partner O&M (‘Operations & Maintenance’).

In November last year, the State finalized the sale to the German investment fund Mutares of the entire capital of Efacec, which had been nationalized in 2020 during the ‘Luanda Leaks’ scandal. 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 pay the remaining debt (bank and bondholders), replenish working capital and restructuring costs. These amounts are in addition to the 200 million euros that had already been injected into the company since nationalization.

Still in the public sphere, Banco de Fomento holds 35 million euros in bonds (convertible into capital) issued by Efacec.

Source

Francesco Giganti

Journalist, social media, blogger and pop culture obsessive in newshubpro

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