AES Announces Philip Odeen Retiring from Board; Charles Rossotti Elected Board Chairman

AES News Release:

AES Announces Philip Odeen Retiring from Board; Charles Rossotti Elected Board Chairman

PDF Version ARLINGTON, Va.--(BUSINESS WIRE)--Apr. 18, 2013-- The AES Corporation(NYSE: AES) today announced that Chairman Philip Odeen has retired from the Board of Directors after 10 years of service. Charles Rossotti has been elected to replace Mr. Odeen as Non-Executive Chairman of the Board. Mr. Odeen joined the Board in May 2003 and assumed the duties of Non-Executive Chairman of the Board in January of 2008. He provided leadership, strategic planning, executive compensation and operations guidance to the AES Board based on his 40 years’ experience in global business, governmental, non-profit and charitable organizations. “I’m proud of what the Company accomplished during my tenure and am grateful for the dedication of AES people and my fellow Board members that I’ve had the pleasure to serve with,” Mr. Odeen said. “I’m confident that the stewardship of the AES Board, led by Charles, and the Executive Leadership Team will enable AES to reach its objectives and deliver compelling shareholder returns." "Under Phil’s leadership, the company charted a path to long-term sustainable growth and significantly upgraded its financial systems and processes, which will deliver benefits for many years to come,” said Charles Rossotti. “Phil guided the Board and the Company through our transition to Andrés Gluski asAES President and Chief Executive Officer, and I look forward to working with Andrés and the rest of the Executive Leadership Team to reach our strategic objectives,” continued Mr. Rossotti. “We will all miss the leadership Phil brought to the Board and we wish him well,” he added. Charles Rossotti has been a Director on the AES Board since March 2003 and serves as Chairman of the Financial Audit Committee of the Board. Mr. Rossotti brings executive, entrepreneurial, global business, operations and finance experience to the Board. He also serves as a Senior Advisor with theCarlyle Group, one of the world's largest private equity firms. Previously, Mr. Rossotti was the Commissioner of the Internal Revenue Service (IRS), where he was responsible for regulatory and financial and accounting functions for $2 trillion in annual tax revenues. Prior to joining theIRS, he was a founder of American Management Systems, Inc. (AMS), a technology and management consulting firm, which grew from inception to 9,000 people and $800 million in revenue where he oversaw operations in theUSA, Europe and Asia. He was President of AMS from 1970-1989, Chief Executive Officer from 1981 to 1993, and Chairman from 1989 to 1997. In addition to AES, Mr. Rossotti has recently served on the Board of Directors ofBank of America, Booz Allen Hamilton and several Carlyle-backed private companies. Mr. Rossotti graduated magna cum laude from Georgetown University and received an MBA with high distinction from Harvard Business School. About AES The AES Corporation (NYSE: AES) is a Fortune 200 global power company. We provide affordable, sustainable energy to 25 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 25,000 people is committed to operational excellence and meeting the world's changing power needs. Our 2012 revenues were $18 billion and we own and manage $42 billion in total assets. To learn more, please visit www.aes.com.