Galán hands over his position as CEO of Iberdrola to Armando Martínez but will continue as chairman

Appointed executive vice president and CEO of Iberdrola in 2001, Galán has held the position of chairman and CEO of the group since 2006 GalánWith the appointment of Armando Martínez as CEO, the number of members of Iberdrola’s Executive Committee is also set at sixIberdrola has agreed to separate the positions of executive chairman and CEO of the company, appointing Armando Martínez to this new position Martínez, until now General Director of Business, while Ignacio Sánchez Galán will remain as Executive Chairman, informed the energy company to the National Securities Market Commission (CNMV). Likewise, Martínez has been appointed director of Iberdrola, with the qualification of executive, by the co-optation procedure and at the proposal of the Commission of Appointments. Thus, it covers the vacancy due to the dismissal of Francisco Martínez Córcoles from his position as director, who has made his position available to the board to facilitate changes in the governance of the company. Distribution of powers With this decision, Iberdrola sues one of the great requests of recent years by the funds, which requested a distribution of powers in the company and the appointment of a number two as CEO.Galán, who has just turned 72 years old last September, was re-elected in 2019 by the general meeting of shareholders for a new term as executive, which expires next year. Appointed executive vice president and CEO of Iberdrola in 2001, Galán has held the position of chairman and CEO of the group since 2006. New CEOHace One year, Armando Martínez was appointed Business General Manager of the Iberdrola group, replacing Francisco Martínez Córcoles in the position. Born in Miranda de Ebro, the new CEO of the energy company is an industrial engineer, specializing in electricity from the University of Valladolid, and since 2016 he has also held the position of director of the Networks Business (transport and distribution of Iberdrola). From 2002 to In 2014 he had responsibilities at Iberdrola Mexico, where he reached the position of CEO. Likewise, it has been the promoter of the Global Smart Grids Innovation Hub, based in the Basque Country, a global technology center that will define the electricity grids of the future. With the appointment of Armando Martínez as CEO, the number of members is also set at six of the Executive Committee of Iberdrola, which is now made up of the two executives of the company, Manuel Moreu Munaiz, Juan Manuel González Serna Member, Ángel Jesús Acebes Paniagua and Anthony Luzzatto Gardner.Martínez-Simancas ceases as secretaryOn the other hand, the Iberdrola’s board of directors has also accepted the appointment presented by Julián Martínez-Simancas Sánchez of his position as non-director secretary of the company’s governing body. It will take place with effect from January 1, 2023, to guarantee an adequate transition.