Today, at the proposal of its Chairman and CEO, Antonio Brufau, Repsol YPF's Board of Directors unanimously approved a new organizational structure oriented at the execution of the company's large growth projects as well as setting the pace for future development.
Repsol YPF's new organizational structure incorporates, under the direct dependency of the Chairman, the role of a Chief Operating Officer, whom will be in charge of the control and coordination of all the company's business units and taking advantage of the existing synergies among them and to maximize their contribution to the company's results. This role will fall upon the current Group Managing Director of Corporate Control and Management, Miguel Martinez.
The organization will benefit from two new divisions: The Liquefied Natural Gas (LNG), due to the importance of this activity to Repsol YPF where the Company, having a global leadership role, foresees substantial future development, and the Executive Managing Direction of YPF, which will be in charge of managing the value activation of the Repsol YPF assets in Argentina.
The company's four business executive managing directions will be the following: Executive Managing Direction of Upstream (Exploration and Production), lead by Nemesio Fernandez-Cuesta, whom will expand his responsibilities to all countries with the exception of Argentina; Executive Managing Direction of Downstream (Refining, Marketing, LPG and Chemicals) lead by Pedro Fernandez Frial, whom likewise expands his geographic area of action; Executive Managing Direction of YPF (Exploration, Production, Refining, Marketing and Chemicals in Argentina), lead by the current Director of the Chemical Division, Antonio Gomis Saez; and the Executive Managing Direction of LNG, to be lead by the current Executive Director of ABB (Argentina, Brazil and Bolivia), Enrique Locutura.
All of them, in addition to the Group Managing Director of Resources, Cristina Sanz, in charge of providing the necessary services for the development of the businesses, will report directly to the new Chief Operating Officer.
The new organization and the creation of the position of Chief Operating Officer in charge of its coordination and control, will contribute to the optimization of the profitability and excellence in the businesses. It will also contribute to the improvement of its efficiency and will allow better identification and development of the organic growth opportunities detected by Repsol YPF.
In addition to the Chief Operating Officer, reporting directly to Antonio Brufau will be the principal corporate areas of the company: The Group Managing Direction of the General Counsel and Secretary of the Board of Directors (responsible, amongst others, of the legal affairs and management of the group’s real estate assets), the Group Managing Direction of Communication and Head of the Chairman's Office (communication, institutional and international affairs, social responsibility and brand), the Chief Financial Officer, (finance and fiscal-economic management, management control and investor relations) and the Group Managing Direction of Human Resources, (employee organization, development, planning and remuneration).
Additionally the corporate divisions of Corporate Strategy and Development and Management Development will report directly to the Chairman and CEO.
The organizational change contemplates the passing of the baton in the Group Managing Direction of Human Resources, due to pre-retirement of its current leader, Jesus Fernandez de la Vega. The new Group Managing Director of Human Resources will be Javier Macian, to date the Director of Human Resources of ABB (Argentina, Brazil and Bolivia).
Repsol YPF's new organizational chart incorporates, also under Antonio Brufau's direct reporting, a Corporate Director of Management Development. The essence of this new corporate direction is in line with the most advanced business structures for the development and transformation of executive teams and awards a critical role to the management of the company's talent.
Given the changes realized, Repsol YPF's Executive Committee is comprised of the following:
The Chairman and CEO of Repsol YPF, Antonio Brufau, expressed before the Board of Directors his professional acknowledgement and personal gratitude to the outgoing Group Managing Director of Human Resources, Jesus Fernandez de la Vega, "for his brilliant work and intense and extended dedication, during more than twenty years, at the company".
Brufau added that "Repsol YPF is a transparent company, with a very profitable business and a brilliant future, and the new structure is ideal to take on the new challenges that lie ahead of us." According to Repsol YPF's Chairman and CEO "the new organization will be in charge of developing in its entire amplitude growth projects identified by the company, as well as new ones that may arise in the future."
Principal changes in the organizational structure.
1. Creation of the Chief Operating Officer (COO) role:
2. Creation of an Executive Managing Direction of LNG in order to drive Repsol YPF's leadership in the sector
3. Creation of an Executive Managing Direction of YPF focused on the value activation of the business in Argentina.
4. Executive Managing Direction of Upstream: includes all of the company's E&P activity, with the exception of Argentina.
5. Executive Managing Direction of Downstream: includes all the company's refining, marketing, chemical and LPG activity, with the exception of Argentina.
6. New corporate focus in order to increase its effectiveness in the support of the businesses
Curriculum Vitae Miguel Martínez
Repsol YPF's new Chief Operating Officer (COO), joined the team 14 years ago and was currently the Group Managing Director of Control and Corporate Development with maximum responsibility in the areas of Strategy and Investor Relations.
Additionally he has played relevant roles, both in the corporation as in business areas, as in the Economic and Financial Direction of Refining and Repsol Commercial, the CAMPSA Service Station Direction and the Repsol European Service Station Direction.
Prior to joining the Repsol team, Miguel Martinez was the Manager of Arthur Andersen.
The new COO is an Industrial Engineer, with a Degree in Company Executive Management PADE by the IESE and Manager Corporate Resources by the IMD of Lausanne University.