Report by Renta 4
Indra announced yesterday that the Board of Directors has appointed Jose María Recasens as the new Chief Executive Officer following the “non-renewal” of Mr José Vicente de los Mozos. Mr Jose María Recasens is Renault’s Chief Strategy Officer. The change will take effect on 17 June.
An appointment that came as no surprise after it had been reported in the press that he was one of the preferred candidates of the new Chairman, Mr Angel Simón. We reiterate our view that instability in Indra’s senior management is negative as it hinders the continuity of the group’s strategy at a key moment for Indra, in the midst of a process of transformation and growth, with an order book at historic highs and in the position of being one of the three companies tasked with channelling the significant investment in defence in Spain over the coming years. We do not expect a significant impact on the share price.
Recommendation: Overweight, €58 per share
