Banco Sabadell | At an Extraordinary Board Meeting last week, Ángel Escribano resigned as chairman (and director) of Indra and has been replaced by Ángel Simón, who is close to the government and was previously CEO of Criteria Caixa and chairman of Aguas de Barcelona. He will have no executive duties and, in principle, Jose Vicente de los Mozos will continue as CEO. The change serves to ease tensions, but leaves several questions on the table. The first concerns Escribano’s 14.3% stake in Indra. The second concerns the failure to merge with EM&E (the press insists that Rheinmetall could launch a €2.5 billion bid for the company), which will necessitate the drafting of a new Strategic Plan. The final question is what will happen to the shareholders backing Escribano (T. Rowe 5%, Amber 5% and Third Point). OVERWEIGHT.
Escribano’s departure from Indra raises questions about his 14.3% stake, shareholders who support him, and design of new strategic plan
