Armando J. Olivera announces plan to retire from Florida Power & Light on May 2, 2012; Eric Silagy named to succeed him

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Dec 19, 2011, 10:15 ET

JUNO BEACH, Fla., Dec. 19, 2011 /PRNewswire-FirstCall/ -- Florida Power & Light Company President and CEO Armando J. Olivera has announced his plan to retire on May 2, 2012, after observing his 40th anniversary with the company.

(Logo: http://photos.prnewswire.com/prnh/20110301/FL56993LOGO )

As a result, Eric Silagy, currently senior vice president of regulatory and state government affairs at FPL, has been named to succeed Mr. Olivera. Mr. Silagy is appointed as FPL president, effective immediately. Mr. Olivera will continue to serve as CEO until May 2, 2012.

"It would be difficult to overstate Armando Olivera's contribution to the business. Throughout his 40 years of service, he has been guided by his unwavering commitment to do the right thing for our customers, for employees and for Florida. Our customers and the communities we serve are undeniably better off as a result. Under Armando's leadership, our investments have provided FPL customers with the lowest bill in the state, reliability that is in the top quartile nationally, emissions that are far lower than the national average and award-winning service. I want to thank him not only for these exceptional results, but also for his personal commitment, dedication and leadership over a period of four decades," NextEra Energy, Inc., Chairman and Chief Executive Officer Lew Hay said.

Mr. Olivera joined Florida Power & Light Company in 1972 as an engineer trainee. He served in numerous capacities in the business, including as senior vice president of FPL's power systems business unit, before being named to his current role in 2003.

Mr. Olivera holds a Bachelor of Science degree in electrical engineering from Cornell University and a Master of Business Administration degree from the University of Miami. He is a member of the board and a past chairman of the Florida Reliability Coordinating Council (FRCC), a member of the board of Enterprise Florida, a member of the Florida Council of 100 and a member of the Cornell University Board of Trustees.

Mr. Silagy joined NextEra Energy Resources, the company's competitive energy subsidiary, in 2003 as vice president of business development, with responsibility for managing and supporting all merger and acquisition activities, where he led the acquisition team for the Duane Arnold nuclear facility. He then served as vice president and general manager for NextEra Energy Resources' Southern Region, with responsibility for overall business operations. Mr. Silagy was named chief development officer for Florida Power & Light in 2007, where he had responsibility for development of all new power generation. In that capacity, he led the development of Florida's first utility-scale solar power generation, comprising 110 megawatts at three sites, as well as project development for the West County 3 combined-cycle natural gas plant and the ongoing modernization of power plants at Cape Canaveral and Riviera Beach. He was named senior vice president of regulatory and state government affairs for FPL in 2010.

Prior to joining NextEra Energy, Mr. Silagy was vice president of mergers, acquisitions & divestitures at Entergy Wholesale Operations, based in Houston, and served as vice president, development, Southeast Asia for The Wing Group, a subsidiary of Western Resources. Earlier, he was chief of staff for U.S. Senator J. Bennett Johnston of Louisiana.

Mr. Silagy holds a Bachelor of Arts degree in economics from The University of Texas at Austin and a law degree from Georgetown University Law Center, Washington, D.C. He also completed executive education programs at Columbia Business School and the Harvard University School of Business Administration. He is currently a member of the State of Florida's Government Efficiency Task Force.

"Eric shares Armando's passion for the business and commitment to our customers, employees and the state, and has successfully managed complex business operations. With his broad business background, strong financial acumen, collaborative and inclusive management style, commitment to excellence, deep understanding of the utility business and appreciation for Florida's unique needs, he is well qualified for this important role. He will be a strong leader for a strong FPL team," said James Robo, NextEra Energy president and chief operating officer.

Florida Power & Light Company
Florida Power & Light Company is the largest electric utility in Florida and one of the largest rate-regulated utilities in the United States. FPL serves 4.5 million customer accounts in Florida and is a leading employer in the state with approximately 10,000 employees. The company consistently outperforms national averages for service reliability while its typical customer bills are more than 20 percent below the national average. A clean energy leader, FPL has one of the lowest emissions profiles and one of the leading energy efficiency programs among utilities nationwide. FPL is a subsidiary of Juno Beach, Fla.-based NextEra Energy, Inc. (NYSE: NEE). For more information, visit www.FPL.com.

SOURCE Florida Power & Light Company