PPC Renewables boss resigns over subsidiary’s absorption

PPC Renewables chief executive Ilias Monaholias has resigned in protest of the subsidiary’s recent absorption by parent company PPC, the main power utility, describing the move as one that jeopardizes the corporation’s growth in the RES sector as well as the continuation of projects in progress and the current business plan.

The resignation comes just days after PPC board member Lazaros Stathakis, citing his disapproval of the subsidiary firm’s absorption by PPC, announced his decision to abandon his post as an executive board member at the end of this month. It is understood he has opted to remain a board member.

Monaholias, who led PPC Renewables over the past two years, stressed he cannot serve a plan he opposes.

The absorption by the parent company will deprive PPC Renewables of versatility and speed, crucial factors for RES growth in the Greek market, Monaholias indicated, while adding that a large part of PPC’s corporate structure has not been friendly towards green investments over the years.

A strategic plan prepared by consulting firm McKinsey for PPC has proposed the continued independence of PPC Renewables as a reinforced and restructured enterprise.