Just as Naturgy’s board of directors is finalizing the appointment of Ignacio Gutiérrez-Orrantia as CEO of the energy company, CriteriaCaixa, the first shareholder of the former Gas Natural Fenosa (with almost 27% of the capital), reiterates this Monday its support in the current president, Francisco Reynés. “Criteria confirms his confidence in the company’s management team headed by Reynés and will support his proposals aimed at being able to face the important challenges of the company in the coming years,” the investment arm of La Caixa stressed on Monday. The current president will share executive powers with Gutiérrez-Orrantia in the new organization chart of Naturgy.
In the brief statement, sent to EL PAÍS, the company that manages the business assets of the La Caixa Foundation, chaired by Isidro Fainé, has thus shown its support for the president of Naturgy at a time when the multinational’s board plans to debate this Tuesday the possibility of naming a number two of the group, with which Reynés would share executive functions. The shareholders meeting re-elected the Balearic executive in March at the head of the energy company until 2027.
The Bilbao manager, with a very financial profile, seems to have the acquiescence of Naturgy’s ever-moving board of directors, which is made up of very long-term investors, such as Criteria Caixa (the investment arm of the La Caixa Foundation), which prioritizes dividend, with investment funds to use such as Global Infrastructure Partners (GIP), CVC or IFM. Criteria, GIP and CVC have been the most combative for the creation of this new management figure, while IFM has chosen to remain in a discreet background.
After the appointment of Armando Martínez as CEO of Iberdrola, Naturgy had become a rare bird in the sector: it was the only major Spanish energy company —and one of the few Ibex 35 companies— that did not have a CEO. This figure is a regular in the codes of good governance —and also common, not so many years ago in the old Gas Natural Fenosa—, which are increasingly committed to placing two people at the head of the company and not just one. Rafael Villaseca was the last to serve as CEO during the presidencies of Salvador Gabarró and Isidro Fainé, today Chairman of Criteria and the La Caixa Banking Foundation. The arrival of Reynés, in 2018, returned to concentrate all the power in a single man. Something that is close to ending.
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