Gutiérrez-Orrantia rules out being CEO of Naturgy

2023-07-11 14:19:13

New episode in the works for recover the figure of chief executive officer to second manager at Naturgy. Citigroup investment banker Ignacio Gutierrez-Orrantia He has ruled out leaving the entity to aspire to become number two in the energy company, as was considered in various media, according to what Europa Press has learned from financial sources.

Citi Co-Head of Banking, Capital Markets and Advisory for Europe, the Middle East and Africa He has indicated internally to his colleagues that he will continue in his position in the US bank, according to these sources. In his position at the US bank, Gutiérrez-Orrantia is responsible for more than 2,000 people based in 50 different countries.

The banker was one of the names being considered as possible CEO of Naturgy at the meeting of the board of directors that the company will hold this Tuesday to analyze the semi-annual results and the possibility of appointing a manager to advance in compliance with the best corporate governance standards.

Thus, the firm plans to study the request from the stable core of shareholders and determine what functions would be incumbent on it and what would be the distribution of powers with the current executive president, Francisco Reynes. Naturgy’s largest shareholder is Fundación La Caixa through Criteria Caixa –both chaired by Isidre Fainé--, which owns 26.7% of its capital. It is followed by the CVC Capital Partners funds, with 20.41%; Global Infrastructure Management (GIP), with 20%; IFM Global Infrastructure Fund with 14% and, at a great distance, the Algerian Sonatrach with 3.85%.

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The funds are the ones that most insistently demanded the recovery of the figure of a CEO, who ceased to exist when Reynés entered as president in 2018, replacing Fainé, who then had Rafael Vaillesca as number two.

To clear up any doubts in this regard, CriteriaNaturgy’s largest shareholder, has ratified “its confidence in the company’s management team headed by its president, Francisco Reynés, and will support his proposals aimed at being able to face the important challenges of the company in the coming years,” according to a statement released by the investment arm of La Caixa.