Press office

Press office

27.05.2019

Roberto García Merino, appointed as CEO of Red Eléctrica Corporación

  • The Board of Directors of Red Eléctrica Corporación, who met today in an extraordinary session, has agreed to appoint Roberto García Merino as the new CEO of the Group, after a favourable report from the Appointments and Remuneration Committee. This appointment has been communicated to the CNMV (Spanish Securities Market Commission) as a relevant event.

The Board of Directors of Red Eléctrica Corporación, who met today in an extraordinary session, has resolved/agreed to appoint Roberto García Merino as the new CEO of the Group, after a favourable report from the Appointments and Remuneration Committee. This appointment has been communicated to the CNMV (Spanish Securities Market Commission) as a relevant event.

The Board has considered that the new stage opened by the 2018-2022 Strategic Plan, coupled with the fact that the Group has initiated a process to strengthen the corporate structure of the Red Eléctrica Group, requires a new profile for the post of Chief Executive Officer. Thus, the appointment of Mr. Garcia Merino seeks to strengthen the response to the challenges posed by the energy transition and to promote the ​​telecommunications business, with the integration of Hispasat, and the international expansion of the Group.

The Board considers that the legal and regulatory requirements for the appointment of Mr. García Merino have been met and that, in view of the leadership he has been demonstrating in the Red Eléctrica Group throughout his professional career, he is extremely suitable for the post.

With the appointment of Mr. García Merino, there is an orderly and reasonable succession in the current corporate governance system regarding the balance of powers within the structure and composition of the Board. A system which ensures the coexistence of the oversight functions of the Group's business exercised by the Board, led by its non-executive chairman, with the functions associated with the effective management of events and the business, managed directly by the CEO. This system, which is adopted by Red Eléctrica Corporación, constitutes an international model of reference in good corporate governance.

The Board of Directors has thanked Juan Lasala for his tremendous effort throughout his 18-year career at Red Eléctrica and highly values his work as the first CEO of Red Eléctrica Corporación since the Company's Shareholders' Meeting decided to separate the functions of Chairman and CEO on 17 July 2015.

The ordinary session of the Board corresponding to the month of May will be held tomorrow. During this meeting, the Board will approve the creation of a new technology company that will centralise and spearhead the Group's resources in terms of innovation and technological development, while at the same time being a catalyst for both internal and external talent in these fields. In addition, the new CEO will present a report on the progress of the integration of Hispasat and the status of the authorisations in Brazil.

Roberto García Merino holds a degree in Economics and Business Administration, an MBA from the IE Business School and the General Management Programme (PDG) from the IESE Business School. He joined Red Eléctrica in 2004, where he has held various positions of responsibility. On 26 March 2019, Mr. García Merino was appointed as Executive Director of Telecommunications and International, a position he held in order to lead the development of the Group's non-regulated businesses.