Gas Natural Names New Chairman

As largely expected, octogenarian chairman Salvador Gabarro has stepped down as chairman of Spanish utility Gas Natural (GN) after nearly 12 years, with Isidre Faine named as his successor.

At its board meeting September 21, Repsol CEO Josu Jon Imaz and New York fund Global Infrastructure Partners’ William Woodburn were named as respectively the board’s first and second vice-presidents, reflecting the recent entry of GIP as a 20% shareholder. Woodburn is a former president and CEO of GE Infrastructure, and is currently a GIP operating partner.

Isidre Faine (left) and Salvador Gabarro - the new and departing chairman of Gas Natural's board (Photo credit: Gas Natural)

Isidre Faine is chairman of GN’s other core shareholder Criteria Caixa, which will have four seats on the new 17-strong GN board of directors, alongside three each from Repsol and GIP, six independent directors, and GN’s CEO who remains Rafael Villaseca.

Mark Smedley