Iberdrola today (Tuesday) named Armando Martínez as its new chief executive, as the global green power giant separated the roles of CEO and executive chairman in a move that sees long-standing boss Ignacio Galán remain in the latter role.
Martínez previously held the post of business CEO at the Spanish group, but will step up to join the board and take the group chief executive role held by Galán since 2001 when he joined Iberdrola.
Galán – one of the highest-profile figures in the global power and renewables industry, who has led the Bilbao-based utility company to green supermajor status in onshore and offshore wind, hydropower and more recently PV – has held both CEO and executive chairman roles since 2006.
A statement to Iberdrola investors said the move follows “the proposal of the appointments committee, to separate the positions of executive chairman and chief executive officer of the company”.
Iberdrola said Francisco Martínez Córcoles will step down as a director to facilitate the governance changes.
Iberdrola is due to report its financial results on Wednesday.