Ongoing Instability In Indra’s Top Ranks Since The State Announced Hiking Its Stake: Cristina Ruiz Resigns

Indra Tecnocom

Doña Cristina Ruiz, Co-CEO of Indra and in charge of the Minsait (IT) division has resigned due to internal tensions.

Da. Cristina Ruiz joined Indra in 2011 as the director of the Energy market. In 2017, she was appointed Executive Director and managing director of Minsait. Then in May 2021, after the exit of Fernando Abril-Martorell, she was named Co-CEO along with Ignacio Mataix, head of the T&D division.

The announcement of Da Cristina Ruiz’s exit has happened three weeks after that of D. Javier Lázaro, Corporate Managing Director and the group’s Financial Director. He will leave Indra in June.

Da Cristina Ruiz’s exit will leave D. Ignacio Mataix as sole CEO.

It is expected that D. Luis Abril Mazuelas will be appointed head of Minsait. D. Luis Abril joined Indra in 2014 as head of Energy. Then from 2017, he was in charge of Energy, Industry, Consum`ption and Business Management Solutions. From 2021, he has also headed up “Phigital” (The Internet of Things).


Negative news. The announcement that Da Cristina Ruiz is leaving comes on top of that of D. Javier Lázaro, less than month ago. Both were members of Indra’s top management, responsible for the huge transformation the group made, firstly in 2015 with the arrival of D. Fernando Abril-Martorell. Then later in 2020, as a result of the crisis fuelled by the Covid-19 pandemic.

Both executives enjoyed investors’ confidence following the group’s restructuring. They made it more competitive and improved profitability, after establishing the foundations for the company to accelerate revenue growth and continue to recover margins. In addition, they managed to cut debt to its lowest level since 2008. Despite Indra’s good operating performance and favourable outlook, we expect a negative impact from the instability in top management since the State announced plans to raise its stake. Overweight, T.P. 12,5 euros/share