Natugy shareholders accelerate the search for a CEO

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Taken measures so that the company applies one of the most widespread rules of the Good Governance Code among large Ibex 35 companies, that of different people holding the positions of president and CEO. The decision would imply revoking the vote of the last shareholders meeting on March 28, in which Francisco Reynés was confirmed in office for four more years. The manager himself confirmed to the press that he "feels very comfortable" with both positions and considered that it was not necessary for Natugy to follow the trend that the rest of the Ibex majors have been applying in recent years. Even so, Reynés made himself available to whatever the shareholders decide. Funds promote change The manager's tranquility has not lasted long.

The company's shareholders have continued to think about the change and "now someone has been in a hurry," explain sources familiar with those meetings consulted by the avant-garde. This haste has resulted in Job Function Email Database the conversations having jumped to the newspapers and last Monday five days s has already pointed out a name to assume the functions of CEO. Specifically, the economic newspaper cited Ignacio Gutiérrez-Orrantia, former director of investment banking at Citigroup, among other possible executives. The drivers of the change have been the large investment funds present in the shareholders: CVC, with 20.7%; GIP, with another 20.6%; and IFM, with 14%. But the turning point that indicates.



That the decision could be made soon has been the positioning of Criteria, the investment arm of La Caixa, which is the largest shareholder, with 26.70% of Naturgy. Criteria has refused to comment, although industry sources indicate that it is not opposed to a division of Reynés' functions that would not have to end his current control of the company. iberdrola model The best proof of this is the strategy applied by Iberdrola. On October 25, the president of the electricity company, Ignacio Galán, appointed Armando Martínez as CEO of Iberdrola, but at the same time retained almost all executive powers. It remains to be seen, however, whether this option would be validated by the funds of Nartugy shareholders. Because the market has long known the desire of some to sell their shares, particularly GIP.