Repsol of Spain said that its Board of Directors approved the 2012-2016 Strategic Plan.
At the same time, and to aid the execution of the Strategic Plan and with the focus on its future vision, Repsol’s Board unanimously approved a proposal submitted by the Chairman with the prior report issued by the Nomination and Compensation Committee to create a new Management Structure to reinforce its Corporate and Business Areas.
To help the growth of the businesses, management will be concentrated in the Business General Direction led by Nemesio Fernandez-Cuesta as Chief Operating Officer.
This area will include the General Direction for Exploration and Production and what was the General Direction for Downstream, which will be split into two areas.
These will be an industrial unit (Refining and Chemicals) which includes New Energy, and a commercial unit (marketing and LPG) together with Trading and Transport as well as the LNG business and the Resources unit (engineering, purchases and hiring).
To boost the active development of the company’s Strategy based on the anticipation of opportunities, business management and the growth of technology as a transformational engine, the company has created a General Direction for Strategy and Control, led by Pedro Fernandez Frial.
This area will include Strategy, Technology, Safety and Environment, Environment Analysis, Management Control, Auditing and Reserves Control.
The new structure reinforces management by incorporating to the Executive Committee the new Executive Directors for Exploration and Production, (Luis Cabra), and Industrial and New Energy Unit (Josu Jon Imaz).
Executive Committee:
– Antonio Brufau, Executive Chairman
– Luis Suárez de Lezo, General Counsel and Secretary of the Board of Directors
– Nemesio Fernández-Cuesta, Executive Director Business Units (COO)
– Pedro Fernández Frial, Executive Director Strategy and Control
– Miguel Martínez San Martín, Chief Financial Officer
– Cristina Sanz Mendiola, Executive Director People and Organization
– Begoña Elices, Executive Director Communication and Chairman’s Office
– Luis Cabra, Executive Director Exploration and Production
– Josu Jon Imaz, Executive Director Industrial and New Energy Unit.
[mappress]
LNG World News Staff, May 29, 2012