Indra
Ángel Escribano keeps Indra presidency after board meeting
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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 president Ángel Escribano has received the Ibex 35 Executive of the Year award from Cinco Días at a ceremony in the Madrid Stock Exchange. He dedicated the award to his employees and defended his industrial plan, backed by the market, days after suspending the merger with Escribano Mechanical & Engineering. He also announced a 130 million euro investment with Hanwha for artillery.
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Spain's state-owned SEPI has expressed concern to Indra over the conflict of interest in acquiring Escribano Mechanical & Engineering (EM&E), owned by president Ángel Escribano, whose brother Javier leads it and sits on Indra's board. SEPI demands the conflict be resolved before proceeding with the analysis. The announcement follows rumors that caused a 4.19% stock drop on Tuesday.