March 27, 2019 / 5:54 PM / 3 months ago

Veteran chairman of Spanish energy group Repsol heads for final term

FILE PHOTO: Repsol Chief Executive Officer Josu Jon Imaz delivers a speech during the company's annual shareholders meeting in Madrid, Spain, May 19, 2017. REUTERS/Paul Hanna

MADRID (Reuters) - Spanish oil and gas company Repsol said on Wednesday it will propose renewing Antonio Brufau’s mandate as chairman for a final term, heralding the end of his time at the company he steered through one of the most turbulent periods in its history.

Shareholders will vote on whether to approve another four-year term for Brufau at a shareholder meeting on May 31, when they will also vote on a wider board overhaul that will bring in two new independent members and a new lead independent director.

Chief Executive Josu Jon Imaz, a former Basque regional politician, will stay in his role.

Brufau, now 71, joined Repsol as executive chairman in 2004 and led it through Argentina’s seizure of its YPF unit in 2012.

He brought in Imaz in 2008 and promoted him in 2014 to the newly created post of chief executive.

When Imaz was named Best CEO in 2018 by the Spanish edition of Forbes Magazine, Brufau joked his hire had “taken the leadership of the company away from me”.

Repsol is now shifting its focus from oil to lower-carbon energy sources, as it seeks a bigger role in international efforts to slash emissions and battle global warming.

Reporting by Andres Gonzalez, editing by Susan Fenton

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