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Argentina names former Telefónica head as YPF chairman

Bnamericas Published: Thursday, March 10, 2016
Argentina names former Telefónica head as YPF chairman

Former Telefónica Argentina chairman Miguel Ángel Gutiérrez will replace Miguel Galuccio as chairman of YPF effective April 30, the date of the next shareholder meeting of the Argentine national oil company.

Galuccio, whose resignation was requested by the government, will maintain his current dual role as chairman and CEO until that date, state news service Télam reported.

Under a corporate restructuring envisioned by Argentina's new energy minister Juan José Aranguren, the state – which controls 51% of the integrated oil and gas company – will propose that the positions of CEO and chairman be filled by two different people.

The separation is meant "to ensure corporate governance that is aligned with international best practices and the recommendations of the OECD," Aranguren was quoted as saying.

Pending approval of the restructuring, YPF will hire consultancy firm to conduct an international search for a new chief executive.

Gutiérrez, who currently handles portfolio management and global private equity strategies at asset management firm The Rohatyn Group, has also served as chairman of Grupo Concesionario del Oeste and in various positions at JP Morgan, where he worked for 21 years.

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