(Alliance News) - Gianni Vittorio Armani, the executive handpicked by Flavio Cattaneo in 2023 to lead Enel's grid operations, is the leading candidate to become CEO of Endesa, the group's Spanish subsidiary, Milano Finanza reported on Thursday.
This marks a historic transition for the Madrid-listed utility, which has been led by a single chief executive, José D. Bogas Gálvez, since 2014. At 71, Bogas has reached the age limit set by corporate policy and will step down, remaining on the board as an external director, according to filings with the CNMV cited by MF.
Armani, who already sits on Endesa's board alongside Cattaneo and other Enel executives, is considered the most likely successor. Currently Director of Enel Grids and Innovation since 2023 and Chairman of Elettricità Futura since 2024, his track record includes serving as CEO of Iren and holding senior leadership positions at A2A and Anas.
As reported by the daily, the incoming CEO will be tasked with executing the 2026-2028 strategic plan, which outlines a 10% increase in capital expenditure to EUR10.6 billion, a record level for Endesa.
Over the past three years, the stock has climbed from EUR20.03 to EUR34.9, a 74% gain, while cash flows surged from approximately EUR1.7 billion in 2022 to EUR4.1 billion in 2025, a 140% increase. In 2025, the group outperformed guidance, posting Ebitda of EUR5.77 billion, up 9%, and ordinary net profit of EUR2.35 billion, an 18% increase.
By Claudia Cavaliere, Alliance News reporter
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