Friday, March 29

Galán appoints a CEO but maintains his executive powers at Iberdrola


Iberdrola announced this Tuesday the appointment of a CEO and the separation of this position from the executive chairmanship. The group chaired by Ignacio Sánchez Galán has informed the National Securities Market Commission (CNMV) of the appointment of Armando Martínez, until now General Business Manager, as the new CEO.

The National Court confirms the filing of the case against Sánchez Galán in the Villarejo case

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Galán, who has just turned 72, and who has been an executive of the group for 22, will remain as executive chairman, although he will introduce a CEO for the first time. With this, the separation of functions that some investment funds have been demanding for years will materialize.

Industrial Engineer with a specialization in electricity from the University of Valladolid (Spain) and a Diploma in Business Administration from the IPADE Business School, Armando Martínez has been in this sector for more than 20 years. Since November 1, 2021, he has held the position of Business General Manager of the Iberdrola Group. Until that date, he had held the position of director of the Networks Business since February 2, 2016, where he was in charge of all activities related to electricity distribution in Spain and network businesses globally.

Previously, since July 2014, he held the position of Director of the Liberalized Business of the Iberdrola Group. In the professional field, he has performed tasks in engineering, construction and operation of power plants and energy sales and marketing areas; “Having developed his activity in Mexico between 2000 and 2014, in various positions of responsibility in the Group, having been Director of Operations of Iberdrola Mexico and General Director of Iberdrola Mexico”, according to his resume on the website of the cluster.

The appointment of Armando Martínez as the new CEO will take place in parallel to the dismissal of Francisco Martínez Córcoles, former CEO of the group, as director of the company. His departure from the group’s highest management body “is exclusively due to facilitating changes in the governance of the Company, which he considered more appropriate at this time,” indicates the note to the CNMV.

On the other hand, the appointment presented by Julián Martínez-Simancas of his position as non-director secretary of the board has been accepted and, therefore, agree to his dismissal with effect date January 1, 2023, “to guarantee a adequate transition.

In parallel, it has been decided to appoint as of that date “non-director secretary of the board of directors” another lawyer for the State, Santiago Martínez Garrido, until now first deputy secretary of the board of directors.

The restructuring of the leadership takes place a few weeks after the National High Court confirmed the filing of the case against Sánchez Galán in the Villarejo case because the facts are prescribed, and on the eve of the Investor’s Day on November 9, in which Iberdrola will present its new strategic plan.



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