The Board of Directors of Red Eléctrica de España, in meeting held this afternoon, appointed José Folgado as chairman of the company. José Folgado Blanco has a Doctorate in Economics and, at present, is the Mayor of the Madrilenian town of Tres Cantos, a position that he will step down from after this appointment.
José Folgado has been, since 2008, a Board member of Red Eléctrica de España and a member of its Audit Committee. He was, between 1996 and 2004, Secretary of State for Budgets and, from 2000, for Economy, Energy and Small and Medium-Sized Enterprises, in the Ministry of Economy. He is a tenured Professor of Public Finance and Tax Systems at the Universidad Autónoma de Madrid, on leave of absence. He was Director of the Economics Department of the CEOE. At present he is member of the Social Board of the Universidad Autónoma de Madrid.
José Folgado replaces Luis Atienza, Chairman of Red Eléctrica since July 2004. During his presidency the Company has undergone a strong growth in assets, in its investment rate, that has multiplied by four, in the number of employees and in the Company’s results. A reflection of this growth has been the recognition by the shareholders, having almost tripled the share value and the Stock Market capitalisation. The company has obtained in this period important national recognitions (such as the Príncipe Felipe Business Excellence Award) and international recognitions (such as the EFQM European Excellence Award and the European Environmental Award), in addition to having reached world-wide leadership recognition in the management and the safe integration of renewable energies into the electricity system.