The funds appoint Rafael Villaseca as the new CEO of Celsa without waiting for the authorization of the Government

2023-09-06 15:50:20

Celsa’s creditor funds, to which a Barcelona court has given carte blanche to take control of the Catalan steel company, have activated their landing in the company despite the fact that the Government has not yet given its approval. The first step they have taken has been to appoint Rafael Villaseca as the new CEO, replacing Francesc Rubiralta.

In a statement released on Wednesday, the funds have stated that the Catalan executive “will be in charge of chairing the new council that will pilot the new stage of the company and guarantee its viability and stability.” In the same note, the creditors have added that “with the appointment of Villaseca, the funds are betting on a recognized figure and consensus with the administration, and they are complying with the commitment announced in their restructuring plan to put the company in the hands of executives top-level independents with a long professional career”.

“An executive of international prestige, Villaseca was named CEO of the Year at the Platts Global Energy Awards 2010, the most important awards in the energy sector worldwide,” the funds highlighted in their statement.

Villaseca, an engineer from the Polytechnic University of Catalonia and an MBA from IESE, was CEO of Gas Natural Fenosa for thirteen years, from 2005 to 2018, and is the current president of the Naturgy Foundation (formerly Gas Natural Fenosa). He is also a director of Cementos Molins and VidaCaixa and has been a member of the Advisory Council of Foment del Treball Nacional. His career also includes positions as director of Enagás, director-general director of the Panrico Group, CEO of Nueva Montaña Quijano, president of Infrastructure Management, president of the INISEL Group (today the INDRA Group), president of the Spanish Energy Club and Member of the Board of Directors of the Circle of Economy.

Government approval

The move comes just two days after Barcelona Mercantile Court number two approved the restructuring plan presented by the funds that allows them to convert the debt into company shares and take control without waiting for the government’s decision. about this transfer of power. The Ministry of Industry, Commerce and Tourism warned on Tuesday that the operation is subject to the control of foreign investments and, therefore, the ownership and effective control of the company by financial creditors will not become effective until the Council of Ministers authorize the operation. To do this, he stressed, investors must submit the corresponding consultation or request for authorization.

From Industry they reported that they have committed to negotiate with the new owners to guarantee the viability of Celsa, the integrity of its business units, the maintenance of all jobs, its continuity in Spain, as well as the implementation of corporate governance “modern, independent and professional”. The Government assures that its priority is to guarantee the stability of the more than 10,000 professionals who work in the steel group. Something to which, for their part, the creditor funds have committed.