Repsol SA named Maria Victoria Zingoni as its new corporate financial director, as Spain’s largest oil producer lowers its borrowing costs to keep its investment-grade debt rating.
Zingoni, Repsol’s director of investor relations since 2008, will take the job that supervises financial planning and structuring, as well as risk management, according to a company official who declined to be identified commenting on personnel matters. Zingoni will replace Walter Forwood who is leaving the company, and she will continue to report to Miguel Martinez, Repsol’s chief financial officer. Her start date in the new job is today.
Repsol, rated one level above junk and under a negative outlook by Moody’s Investors Service, has a program to sell 4.5 billion euros ($6.1 billion) of assets by 2016 and pay down debt after Argentina seized its YPF business in April without compensation.