Brookfield Renewable Partners (NYSE:BEP) (NYSE:BEPC) today announced the appointments of a new chief executive officer and vice chairman, while shifting the current CEO to the position of chief investment officer of parent Brookfield Asset Management (NYSE:BAM).
Brookfield Renewable is the world's largest publicly traded pure renewable-power business. Brookfield Asset Management is a global alternative-asset manager with over $500 billion in assets under management, including its majority stake in Oaktree (NASDAQ:OCSI), which operates as a stand-alone asset manager business.
The announcement said that Connor Teskey, currently chief investment officer (CIO) of Brookfield Renewable, will be promoted to the CEO position. The current CEO, Sachin Shah, will become CIO of parent Brookfield Asset Management. Shah will become a vice chairman at Brookfield Renewable, and will have responsibility for Brookfield's renewable power activities with the asset manager's private funds. Mark Carney, a vice chairman at Brookfield Asset Management, has also been named a new vice chairman at Brookfield Renewable.
The appointments are meant to drive further growth in the renewable energy group, as companies and governments expand the use of green energy and shift to decarbonization initiatives. "With Brookfield Renewable now one of the largest renewable electricity generators and developers in the world, we continue to plan for new areas of growth," Bruce Flatt, CEO of Brookfield Asset Management, said in the statement.
Brookfield Renewable currently has over $52 billion under management, and operates over 5,300 power generating facilities. Its 19,000 megawatts of generating capacity come from wind, solar, hydroelectric, and other renewable technologies.