Overview
- Following Wednesday’s extraordinary board meeting, an overnight vote installed Ángel Simón as non-executive chair with eight votes in favor and six abstentions, according to a CNMV filing and accounts of the session.
- Ángel Escribano submitted his resignation to the board and the CNMV, writing that he would not let his continued tenure unsettle the company, its staff, or investors.
- SEPI publicly blocked on March 18 the planned integration of Escribano Mechanical & Engineering, citing an unresolved conflict because EM&E, owned by the Escribano family, holds about 14.3% of Indra; EM&E then withdrew the deal.
- Chief executive José Vicente de los Mozos stays in his role and urged calm in a message to employees, clients, suppliers, and shareholders as the company enters a new phase.
- The boardroom fight has shaken investors, with reports of roughly €2 billion in market value lost in recent weeks and a narrow vote that highlights fragile governance as the Escribano family remains a major shareholder.