Iberdrola May Appoint CEO to Fend Off ACS, Reuters Reports

Iberdrola SA (IBE) may appoint a Chief Executive Officer alongside Chairman Ignacio Galan to curry favor with institutional investors in its battle against Actividades de Construccion y Servicios SA, Reuters said.

The move may help Galan secure the backing of international fund managers at the annual shareholders meeting where he may have to fend off another attempt by ACS, Iberdrola’s biggest shareholder, to secure a seat on the board, Reuters reported, citing three people with knowledge of the process, without identifying them.

Chief Financial Officer Jose Sainz Armada and Fernando Becker, another current Iberdrola executive, are the most likely candidates for the job, the agency said.

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