Juan Sánchez Calero, lawyer and professor of commercial law of the Complutense University, will preside Endesa starting in April. The board of directors held this morning in Madrid has appointed him a director. This is the first step so that after the Shareholders' Meeting, on April 12, it will be named the company's top executive in another board that will be held that same day.
Sánchez Calero is one of the most recognized experts in Spain and in the international arena in matters of commercial law, corporate law, financial markets and good corporate governance.
Relay in Endesa
Replaces Borja Prado, who leaves the presidency after ten years
Sánchez Calero will substitute in the presidency Borja Prado, who had been in the position for almost ten years. The decision to change was made due to Prado's discrepancies in the management with Francesco Starace, CEO of Enel, the company that is the largest shareholder of the Spanish power company, with 70% of the capital.
To carry out the change, the company announced on February 19 that by attending "criteria of good corporate governance" the maximum period for a person to exercise the position of president in Endesa was limited to 10 years. That was the deadline that the current president was going to meet.
Changes in the dome
The president's position will be more institutional, with Bogas on a day-to-day basis
Enel has sought with the change a profile similar to yours in Italy. That is, the current CEO, Jose Bogas, assume more day to day purely energy business and the new president will be a more institutional charge.
Sanchez Calero, who has been advising since 1983 on corporate transactions and the stock market, has participated in the boards of directors of some companies such as Bancaja Inversiones or the construction company Ploder.
His experience is mainly in the academic and scientific field. In addition, it has collaborated in the preparation of some laws, such as the Opas regulations or the commercial code proposal. In addition, he has written articles for publications such as Thomson Reuters Aranzadi or trade law journals.