Indra Appoints Renault Strategy Chief Josep Maria Recasens as CEO
Leadership Changes at Indra
Appointment of Josep Maria Recasens
MADRID, May 26 (Reuters) - Spanish defence company Indra has appointed Josep Maria Recasens as chief executive starting in mid-June, it said on Tuesday, recruiting Renault's strategy chief after the departure of several top officials from Indra.
Recasens' Previous Roles at Renault
• Recasens has served as Renault Group's chief strategy officer since November. For two years before that, he worked at Renault's electric car division, Ampere, first as COO then CEO.
Details of the CEO Transition
• Indra, which is 28% owned by the Spanish government through state holding company SEPI, said the change would take effect on June 17.
• Last week, Indra said that the contract of its previous CEO Jose Vicente de los Mozos would not be renewed.
Recent Board and Leadership Departures
• Chairman Angel Escribano resigned a month ago after conflict-of-interest allegations over his push for Indra to acquire defence manufacturer Escribano Mechanical & Engineering, which he and his brother Javier co-owned.
Financial Outlook for Indra
Impact of Increased Defence Spending
• Indra is expected to benefit from a 10.5 billion euro ($12.23 billion) increase in defence spending announced by the Spanish government last year.
Reporting Credits
(Reporting by Gemma Guasch and Jesús Aguado, writing by Javi West Larrañaga; Editing by Cynthia Osterman)
