June 15, 2021

The Government will force the relief of Abril-Martorell as president of Indra

The Government has made the decision to relieve Fernando Abril-Martorell as executive president of the Indra technology company, of which the State is the first shareholder with an 18.7% stake channeled through the State Industrial Participations Company (SEPI ).

The National Court files the case against Indra in Punica against the criteria of the Anti-Corruption Prosecutor's Office

The National Court files the case against Indra in Punica against the criteria of the Anti-Corruption Prosecutor’s Office

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Once the April-Martorell relay is completed, advanced by El Confidencial, it is yet to be defined who will be the executive’s replacement. This decision must be made after a proposal from the Appointments and Remuneration Committee of the group, which is listed on the Ibex 35. After transcending the Government’s decision to strike down the executive, Indra’s share price plummets by more than 7% and leads falls in the selective.

The decision comes after the recent announcement of two separate employment regulation files (ERE) that the company justified by the pandemic, one of which, that of the Defense area, was finally replaced by a plan for incentivized leave and early retirement.

The manager was appointed Indra’s top executive in January 2015, at the time of Mariano Rajoy. It came to Indra a year and a half after the State took over the group’s shareholding, after the purchase of the 20% stake that Bankia had until then by SEPI.

Son of the business and political director of the same name who became Vice President of the Government with Adolfo Suarez, Abril-Martorell, former CEO of Telefónica, Prisa and Credit Suisse in the Iberian Peninsula, was the person chosen by the Government of the PP to replace to the factotum of Indra and ultimately the non-executive president of the publisher of El País, Javier Monzón, after his fall from grace as a result of the group’s poor performance and its involvement in scandals such as the Punic plot. In this case, the group would end up being charged last March against the criteria of the Prosecutor’s Office.

In these more than six years, Abril-Martorell subjected the group to a restructuring and reorganization process that resulted in an ERE for 1,750 workers approved shortly after their arrival, in 2015, a year in which the group recorded losses of more than 600 million euros. The return to profitability was truncated in 2020, when as a result of the pandemic Indra registered red numbers of 65 million, compared to the benefit of 121 million registered a year earlier.

In the first quarter of this year, the technology and defense group earned 22 million, triple than a year earlier, and recorded a historical record in its order book with 5,322 million and a year-on-year growth of 10.9%, while its income amounted to 751 million.

The company will be, together with European giants such as Airbus and Dassault, one of the companies that will participate in the new phase of development of the new air combat system of the future (SCAF) that France, Spain and Germany are preparing, with an investment of 3,500 million divided equally between the countries during the period 2021-24 for the development of a demonstrator of the new generation European fighter plane, which should be able to fly in 2027.


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