VARO Energy announces Leadership Changes in Strategic Carbon Removals Growth Pillar & Treasury


31st August 23, Zug (Switzerland) – VARO Energy (“VARO”) is pleased to announce key changes within its organizational framework. Effective immediately, Tom Rowe currently Group Treasurer, who joined VARO in 2016, is appointed as Vice President Carbon Removals. Tom’s extensive experience, including the recent successful refinancing and VARO’s first-ever Green Loan, positions him as a catalyst for accelerating the growth of this critical strategic growth pillar for VARO. His financial acumen and capital markets expertise will be instrumental in driving the company’s vision forward.

Jessica Kangeli, currently Corporate Finance Director, who joined VARO last year from HSBC as Director in Power, Utilities and Renewables for EMEA, will be the Group Treasurer in succession to Tom. This transition underscores VARO Energy's commitment to nurturing leadership talent and capitalizing on diverse industry insights.

VARO’s CEO, Dev Sanyal, commented on these transitions, stating, "We wish Tom and Jessica much success in their new roles as they continue to contribute their expertise to VARO’s transformation. Their expertise and leadership will undoubtedly support our goal to accelerate the transition to a world of reliable, accessible, sustainable energy."

The company's progress in the ONE VARO Transformation strategy to fostering the energy transition was recently underscored by the announcement of an increased stake in SilviCarbon, a move that demonstrates VARO’s belief in the potential of Nature-based Carbon Solutions. The inaugural issuance of 134,000 high-quality Carbon Dioxide Removal (CDR) certificates marks an important milestone in VARO’s journey towards a sustainable future. This development aligns seamlessly with VARO‘s strategic growth pillars, particularly its robust focus on Nature-based Carbon Solutions.

About VARO

VARO Energy (“VARO”) is the partner of choice for customers in the energy transition by providing the sustainable and reliable energy solutions that they need to decarbonise. Engine 1 includes manufacturing, storage, distribution, marketing, and trading of conventional energies. Engine 2 activities are focused on sustainable energies and include biofuels, biogas, green hydrogen, e-mobility, and nature-based carbon removals. VARO plans to invest around $3.5 billion over the 2022-26 period, with two thirds committed to sustainable energies. The company has a net zero target for scope 1, 2 and 3 by 2040. VARO is a Swiss-based private company.


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