Logo of ACWA Power Co.
ACWA Power Co.’s board of directors accepted the resignation of CEO Suntharesan Padmanathan, effective today, March 20, the company said in a statement to Tadawul.
The resignation was submitted due to Padmanathan's desire to retire from executive positions and responsibilities associated with his position as CEO.
The company said Padmanathan agreed to continue to serve as a board member.
The board of directors also appointed Marco Arcelli as CEO, effective immediately.
Arcelli is an energy leader with over 30 years of experience. He was the Chairman of EP New Energy, driving the entry and growth in renewables of EPH, the seventh-largest electricity producer in Europe.
Previously, he spent 16 years at Enel, where, among others, he was CEO of Enel North America and Slovenske Elektrarne.
Arcelli also held executive positions at General Electric Power Systems, as well as in projects and construction management. He is a professor of leadership in energy transition at IESE, a Spanish business school, and a peer reviewer of IEA.
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