Boss of Spanish energy giant who supported Aznar replaced
28 October 2004, MADRID - The chairman of Spain's leading energy group, Repsol YPF, Alfonso Cortina, has stepped down, the company confirmed.
28 October 2004
MADRID - The chairman of Spain's leading energy group, Repsol YPF, Alfonso Cortina, has stepped down, the company confirmed.
Gas Natural chairman Antonio Brufau, who represents the gas company on Repsol YPF's board, will take over, it was announced late Wednesday.
Repsol YPF, the world's seventh-biggest producer of hydrocarbons, owns 30.8 percent of Gas Natural.
"The board of directors of Repsol YPF agreed today the appointment of Antoni Brufau as company chairman in place of Alfonso Cortina", a statement from the group said.
Cortina "placed his position at the disposition of the board with the aim of facilitating the star of a new step in the Hispano-Argentinian multinational."
The board thanked Cortina for "eight years of effective management" and praised his chairmanship.
Cortina was appointed chairman in June 1996 following the election of the conservative Popular Party (PP) under former prime minister Jose Maria Aznar.
The Socialist Party defeated the PP in the 14 March general election but the group said the replacing of Cortina was a "strictly business" decision.
[Copyright EFE with Expatica]
Subject: Spanish news