Mr Brufau resisted the pressure and led the process according to the company’s roadmap. Now it’s a quiet time for Repsol, at least in terms of power balance in the Board. There are no public tensions nor underground fighting to rebuild the oil firm’s management model.
Brufau will renew his mandate as a Board member and Chairman at the general meeting of shareholders this week. Also member of the Delegate Committee Josu Yon Imaz, will see his power grow whithin the company. Mr Imaz was chosen through an internal, quiet process that involved the Board as well as Repsol’s management.
The selection process revolved around three professionals in the firm with different professional profiles. The preference for Jon Imaz, according to sources at the company, was overwhelming. Thus Mr Brufau found a peaceful resolution after years of tensions and uncertainties with significant shareholders who sought to control the company.
The new CEO is young (he turns 52 this week) with Doctorate in Chemical Sciences and brilliant academic records. He joined Repsol seven years ago, its Board of Directors in 2012 and was named Chief Executive a year ago, with powers limited by the executive nature of the Presidency. Previously, between 1994 and 2007, Mr Imaz held various political positions: MEP, Councillor of the Basque Government and President of the Basque nationalist party PNV. And before that, for seven years he worked in the industrial division of the Mondragón group.