Indra's board meeting on Wednesday resulted in no changes to top management, with Ángel Escribano remaining president and José Vicente de los Mozos as CEO. The state-owned SEPI, holding 28% stake, did not push for alterations due to lack of support and recent stock declines. Funds like T. Rowe Price raised their stake above 5% backing Escribano.
Indra's board of directors met on Wednesday, March 25, 2026, amid tensions from the recent collapse of the integration with Escribano Mechanical & Engineering (EM&E), owned by the Escribano family. Sources close to the company confirmed that neither Ángel Escribano nor José Vicente de los Mozos will leave their positions, despite government pressures via SEPI to resolve a conflict of interest in the deal scrapped last Thursday. SEPI, holding 28% of capital and three board seats, sent a filing to the CNMV last week urging Escribano to step down as president, but backed off due to lack of support among the seven independent directors and a stock drop exceeding 20-26% since early March, when shares hit 64.5 euros. Sources cited by Europa Press and Cinco Días noted the agenda omitted presidency or De los Mozos' continuity, whose contract expires in June; however, it approved over 50% remuneration increase to match company growth. U.S. fund T. Rowe Price Associates notified the CNMV of raising its stake to 5.009% —its second-highest since 2017—, supporting Escribano, boosting shares 3% to 47.74 euros that day. This truce delays government goals for a 'national champion' in defense, amid major military contracts and alliances like the recent Hanwha deal for artillery, creating 500 direct jobs and 130 million euros investment.
