Avangrid CEO Steps Down After Less Than Two Years on Job (2)

Utility owner Avangrid Inc. Chief Executive Officer Dennis Arriolais stepping down after less than two years on the job, marking the company’s second management shakeup in a week.

Arriola, who is 61 and became CEO in July 2020, will be replaced by board member Pedro Azagra Blazquez, effective May 28, the company said in statement Thursday.

It comes nearly three months after New Mexico regulators rejected Avangrid’s $4.3 billion bid to buy PNM Resources Inc., saying it wasn’t in the best interest of customers. In November, Avangrid’s plan to build a $1 billion power line that would ...