- The electricity company will be led by the current Global Manager of Grids and Innovation at Enel Group and a Director of Endesa’s Board, who has more than 20 years of experience in the energy, financial and infrastructure sectors.
- The Endesa General Shareholders’ Meeting was also held today, and appointed Angela Eliseo as Shareholder-Appointed Director, replacing Francesca Gostinelli, who has stepped down in the wake of her appointment as CEO of Enel Italy; and Ana Muñoz Merino as Independent Director, replacing Cristina de Parias, whose term expired this year.
- The outgoing Chief Executive Officer, José Bogas, bade farewell to shareholders after 12 years in the role, reminding them that his priority during this period had been to consolidate the company’s position as a leader in Spain and Portugal, and to seize opportunities created by the energy transition. Bogas will remain at Endesa as an External Director.
Today, Endesa’s Board of Directors approved and notified the CNMV of the appointment of Gianni Vittorio Armani as its new Chief Executive Officer. He joined the Enel Group in July 2023, taking up the position of Global Manager of Enel Grids and Innovation. In this role he has led the strategic development, innovation and strengthening of electricity distribution grids, primarily focused on digitalisation, infrastructure resilience and support for the energy transition in the six European and South American countries where the Group operates distribution grids.
Armani has also been a Shareholder-Appointed Director of Endesa since 2023, which has given him in‑depth knowledge of the key issues and challenges facing the Spanish company. It is also important to underline that the new Chief Executive Officer has led Enel’s electricity distribution business, the main investment driver in Endesa’s 2026–2028 strategic plan. The distribution grid will absorb €5,5 million of the €10,6 million planned for the next three years.
Armani will take over from José Bogas, who held the CEO position for 12 years. Bogas will remain at Endesa as an External Director, as approved by today’s General Shareholders’ Meeting in Madrid, thereby ensuring an orderly transition at the company’s helm.
Endesa would like to thank José Bogas for his dedication and commitment over 44 years with the company, and in particular during the 12 years he served as Chief Executive Officer. Under his leadership, Endesa has undergone a profound transformation and strengthened its position as the leading company in Spain’s electricity sector.
About the new CEO
The new Chief Executive Officer earned a degree in Electrical Engineering from La Sapienza University in Rome and supplemented his studies in business administration and financial management with an MBA from MIT in Boston.
Before joining Enel, between 2021 and 2023 he was Chief Executive Officer and General Manager of Iren, one of Italy’s leading listed utilities companies, which he led to achieve record economic and industrial results. During his tenure, Iren exceeded €1 billion in ebitda, accelerated its investment plan and launched a major development programme in renewable energies.
Before this, he served as Manager of Strategy, Regulation and Business Development at A2A, one of Southern Europe's main integrated operators in the energy and environmental sector, active in power generation, distribution and retail, as well as environmental and infrastructure services.
Between 2015 and 2018 he was Chairman and Chief Executive Officer of Anas, where he led a far‑reaching transformation process and the company’s integration into the Ferrovie dello Stato Italiane Group. Throughout his career, Gianni Vittorio Armani has amassed considerable expertise in governance and sustainability. He is currently ESG Senior Adviser to the Azimut investment fund and has been an Independent Director of several companies operating in the energy and infrastructure sectors.
Between 2005 and 2015 he was employed at Terna, Italy’s electricity transmission grid operator, holding a series of increasingly senior executive roles up to Chief Executive Officer of Terna Rete Italia.
New Directors and farewell address
As well as Bogas’ appointment as an External Director, Endesa’s General Shareholders’ Meeting approved the appointment of Angela Eliseo as Shareholder-Appointed Director, replacing Francesca;Gostinelli, who has stepped down following her appointment as CEO of Enel Italy; and of Ana Muñoz Merino as Independent Director, replacing Cristina de Parias, whose term expired this year. The General Shareholders’ Meeting, held at Endesa’s;headquarters in Madrid, recorded a quorum of;85,998%.
In his farewell address, the outgoing CEO reviewed his three terms in office, highlighting how Endesa, particularly over the past 12 years, has been at the forefront of the energy transition, accelerating decarbonisation, renewables, electrification and digitalisation, phasing out coal and consolidating its position as the leading electricity company in Spain and Portugal.
Regarding the international situation, marked by the war in Iran, Bogas underlined the strength of the Spanish electricity system: the high percentage of renewables and the nuclear fleet have limited the impact on prices. In 2026, gas influenced the electricity price in only 15% of the hours, confirming renewables as the main tool for countering volatility in international markets.
Iberian power outage and the future of nuclear energy
Referring to the Iberian blackout on 28 April 2025, the outgoing Chief Executive Officer reiterated that the incident was due to structural and management shortcomings by the system operator, Red;Eléctrica. While he conveyed a message of reassurance about the low likelihood of similar events recurring, he stressed that voltage stability will remain a challenge in a system with an increasing share of renewable energy. He said that this requires the contribution of all technologies, clear;rules;and a strong degree of institutional coordination.
On the subject of nuclear;energy, Bogas called for a pragmatic approach to the phase‑out plan, proposing that the timetable be aligned with the actual progress of the energy transition. Postponing some plant closures would allow for an orderly transition, avoiding electricity price increases (estimated at around 20%) and negative effects on climate targets, given the role of nuclear power as a stable, CO₂‑free source.
Annual results
With regard to the company's financial performance, over the eight years between 2014 and 2022, gross operating profit rose from €3,090 million to €5,320 million, while the share price increased from €13.50 to €17.60. Over the last three years, gross profit grew to reach €5,756 million, and the share value climbed from €17.60 to €38.40.
'These results allow us to propose to you, our shareholders, a dividend distribution that is 22% higher than originally forecast, increasing from €1.30 to €1.58 per share,' Bogas stated.
Final messages and acknowledgements
In closing, Bogas said that the next three years will be decisive for the Spanish electricity sector. The availability of clean abundant and competitive energy gives Spain a strategic advantage in attracting new demand and strengthening industry, but seizing this opportunity will depend on the decisions taken, in particular the adoption of a regulatory framework capable of supporting long‑term investment.
He concluded by thanking several groups and individuals for their support: “I would like to thank all Endesa employees. The effort and dedication of our people are this company’s main asset. There is no question that the best part of my 44 years at Endesa has been those people, at every stage I have lived through in this company. I can say, without fear of being mistaken, that Endesa’s staff are the company's best asset. I would also like to thank our shareholders for the trust they have placed in me over these years. It has been a true honour to count on your support.
“Naturally, I am grateful to the people who in years past have been key guiding figures in my career:There are many such role models, and I have learned something from each of them, but please allow me to mention Rodolfo Martín Villa, Manuel Pizarro and Rafael Miranda. I would also like to thank Juan Sánchez‑Calero, Chairman of Endesa; Flavio Cattaneo, Chief Executive Officer of Enel and Vice‑Chairman of Endesa; and all the members of the Board of Directors for their support. I would like to take this opportunity to thank the Directors who are stepping down from our Board (Francesca Gostinelli and Cristina de Parias) and to welcome the new Directors (Angela Eliseo and Ana Muñoz Merino).”
Bogas also wished the new CEO every success, expressing his confidence that he will lead the company towards new goals and to even greater heights in the future.
About Endesa
Endesa is the leading electricity company in Spain and the second largest in Portugal. It is also the second largest gas operator in the Spanish market. It operates an integrated business model spanning electricity generation, distribution, and supply. Furthermore, the company offers value-added services focused on the electrification of energy use for households, businesses, and public administrations. Endesa is committed to the United Nations’ SDGs and corporate social responsibility. In the latter area, it also operates through the Endesa Foundation. Our team comprises around 9,000 employees. Endesa is part of Enel.