The Government wants Fernando Abril-Martorell to leave the presidency of . This has been transferred by the State Company of Industrial Participations (SEPI), the main shareholder of the company, to the board of directors. The company’s shares, listed on (the main index of the Spanish stock market) have suffered a collapse of 8%, being its worst day since March 2020 (that is, since the crash due to the coronavirus).
Indra’s titles have begun to fall sharply in the final stretch of the session. The reason behind these sales was due to the news leaked by different media that the Government has forced the dismissal of Abril-Martorell in the presidency of the technology company.
According to different newspapers, the decision has been made after several discrepancies between the manager and the Executive.
Indra is a technology and defense company owned by the State. SEPI is the largest shareholder and has two members on the board of directors. It has 18.75% of the capital, according to the (CNMV), the supervisory body of the Spanish stock market.
Other shareholders are Corporación Financiera Alba (9.9% of the capital) and Fidelity, which has 9.8%, or Norges Bank, the asset manager of Banco Santander or T Rowe Price Associates with percentages of around 3%.
In principle, Fernando Abril-Martorell’s term expires this year, after having been in charge of the company since 2015. However, the Executive decided to do without the manager to print a change in the management of Indra.
According to SEPI sources confirmed to Europa Press, “a new stage is opening in the company full of opportunities in key sectors for the country that, due to their high technological content, can contribute to the economic reactivation in the first line.” The news agency also reported that the company’s board will appoint a new president shortly, whose profile is unknown at the moment.
Indra delays the shareholders meeting
Indra’s reaction has been made to wait a few hours, and it was not until a few minutes before when it sent privileged information in this regard to the CNMV, the usual procedure for news of such magnitude.
In , Indra points out that its main shareholder (SEPI) “has transferred to the company its desire to promote a replacement in the presidency” and “its desire to start a new stage in the presidency.”
However, the company points out that the board of directors “has not yet taken any decision on this possible replacement”.
SEPI has requested the dismissal of Fernando Abril-Martorell, according to Indra, “within the framework of the preparatory process for calling the next ordinary general meeting”. In fact, the board of directors has decided to delay the shareholders’ meeting that was initially scheduled for six days to June 30.
Indra’s clarification to the CNMV has not served to stop its falls on the stock market. It has ended up being the worst value today in the Ibex. Its shares have closed the most bearish day since March 12, 2020 (when the covid crash occurred), leaving 7.96% to a price of 7.52 euros.
Abril-Martorell has a degree in Law and Business Administration from ICADE (Madrid), he has been president of Indra since January 2015. He has developed his activity in different service, industrial and financial companies. Between 2011 and 2014 he was CEO of Grupo Prisa. Between 2005 and 2011 he was CEO of Credit Suisse in Spain and Portugal. He was also CEO of the Telefónica Group from 2000 to 2003 and, previously, CFO between 1997 and 2000. He began his career at JP Morgan where he spent ten years (between 1987 and 1997) in the Madrid, New York and London.
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