Iberdrola Appoints Pedro Azagra as New Group CEO
Company - People | Jun 25, 2025 | EIN
Iberdrola, a major multinational electric utility company, has appointed Pedro Azagra as its new group CEO. Azagra replaces Armando Martinez, who was dismissed without public explanation after a brief tenure. Azagra has spent 25 years at Iberdrola, formerly serving as executive director of development and CEO of its U.S. subsidiary, Avangrid. His academic background includes a law and business degree from ICADE in Madrid and an MBA from the University of Chicago. With extensive experience in global expansion and M&A, Azagra is expected to lead Iberdrola's strategic focus on the U.S. market, underscored by a $47.6 billion investment plan through 2026 aimed at expanding grid infrastructure in the U.S., UK, Brazil, and Spain. Concurrently, Avangrid appoints Jose Antonio Miranda and Kimberly Harriman as CEO and Deputy CEO, reflecting the group's commitment to a strong leadership team in the U.S.
Sectors
- Electric Utility
- Renewable Energy
- Investment Banking
Geography
- Spain – Iberdrola is based in Spain and its strategic decisions are made from this location, impacting its global operations.
- United States – Iberdrola’s focus is significantly on the U.S. where it operates via its subsidiary Avangrid and plans massive infrastructure investments.
- United Kingdom – Part of the large-scale investment is directed towards grid expansion in the UK, indicating its strategic global markets.
- Brazil – Brazil is also a target for Iberdrola's grid infrastructure expansion through its investment plan.
Industry
- Electric Utility – Iberdrola operates as an electric utility company engaged in the generation, transmission, and distribution of electricity, focusing on grid infrastructure expansion and renewable energy.
- Renewable Energy – The company has outlined plans to grow its renewable energy capacity significantly, reinforcing its commitment to sustainable energy solutions in various international markets.
- Investment Banking – Pedro Azagra's background in investment banking is relevant, highlighting his expertise in corporate finance and mergers and acquisitions which will guide Iberdrola's strategic expansions.
Financials
- 47.6 billion USD – The planned investment by Iberdrola in global grid infrastructure expansion through 2026, with major focus in the U.S.
- 65-70 billion USD – The projected value of Iberdrola's grid assets by the end of the decade.
- 100,000 GW – The targeted renewable energy portfolio capacity aimed for future development.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Iberdrola | Target company | Company | A multinational electric utility company, primarily engaged in the production and distribution of electricity. |
| Pedro Azagra | New CEO | Person | Appointed CEO of Iberdrola, previously CEO of Avangrid and a long-term executive with experience in M&A and international expansion. |
| Avangrid | U.S. Subsidiary | Company | The U.S. subsidiary of Iberdrola, involved in electricity generation and distribution. |
| Jose Antonio Miranda | CEO of Avangrid | Person | Appointed as the CEO of Avangrid to lead the subsidiary with a focus on enhancing its operations and footprint. |
| Kimberly Harriman | Deputy CEO of Avangrid | Person | Appointed as Deputy CEO to support the leadership at Avangrid in its regulatory and public affairs. |
| Ignacio Sanchez Galan | Executive Chairman | Person | Executive chairman of Iberdrola, overseeing strategic decisions at the group level. |
| Armando Martinez | Former CEO | Person | Former CEO of Iberdrola who was replaced by Pedro Azagra for undisclosed reasons. |