Management Changes at Cemig Mark Start of Audit into Solar Energy Subsidiary.
Minas Gerais’ energy sector is undergoing a significant reorganization within its main company. Governor Mateus Simões (PSD) officially announced, via a material fact statement released by Cemig last Friday (28), the appointment of Márcio Augusto Vasconcelos Nunes as the company’s president.
He replaces Alexandre Ramos Peixoto, who, in turn, was appointed to join and chair the board of directors. The strategic move also includes the appointment of Sérgio Pessoa de Paula Castro, the current legal vice-president, to a seat on the board.
These changes, however, still depend on formal approvals as stipulated by legal regulations and the company’s bylaws.
Focus on Cemig SIM Audit
The changes in Cemig‘s leadership are intrinsically linked to the state government’s determination to conduct a thorough investigation into Cemig SIM, the company’s solar energy generation arm.
According to statements by Governor Mateus Simões, the subsidiary may have been subject to political maneuvering. In a press conference, Simões emphasized the need for a rigorous investigation.
I am putting the two best people I have to turn this company upside down until we are sure that nothing wrong continues to happen.
The decision to conduct a complete, executive, and definitive audit of Cemig SIM is justified by the company’s strategic importance to the state, which leads photovoltaic energy production in Brazil. The governor emphasized the concern to ensure that the company operates strictly within legal bounds.
Investigations and Recent History
The audit initiative gains clearer contours following the recent dismissal of Cemig SIM‘s commercial director, Rubens Soalheiro. He is suspected of involvement in financial operations connected to Daniel Vorcaro, from Banco Master.
A complaint filed with the Public Prosecutor’s Office (PGR) indicates that Soalheiro allegedly facilitated deals between Cemig SIM and Green Investimentos, a company chaired by Felipe Cançado Vorcaro, Daniel Vorcaro‘s cousin. Cemig has already announced the termination of all commercial relations with the company.
Previously, Alexandre Ramos, formerly president of the holding company, had already been announced by Simões as the future chairman of the board, a position currently held by Márcio Zimmermann. Márcio Nunes‘ appointment to the presidency represents the consolidation of this new leadership structure, with a keen focus on governance and the integrity of the Cemig group’s operations.