Chairman of Repsol tenders resignation

Oct 27, 2004 02:00 AM

Alfonso Cortina, chairman and CEO of Spanish-Argentine oil giant Repsol-YPF, tendered his resignation at a meeting of its board of directors, an industry source said.
The source said Cortina, who led the global expansion of Repsol since he took over the country's leading energy company in 1996, will be replaced by board member Antonio Brufau, who's also chairman of Spain's top gas supplier, Gas Natural, and a senior executive at Savings bank Caja de Ahorros y Pensiones de Barcelona, or La Caixa.

The source said Brufau will step down from his duties at Gas Natural and La Caixa, which has a minority stake in the oil giant, to focus entirely on Repsol, which is Spain's fifth-largest company in terms of market capitalization.

Source: Associated Press
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