YPF Chief Galuccio Resigns as Macri Seeks Reorganization

  • President Macri seeks new executives to run energy firm
  • Galuccio has been in the post since Repsol takeover in 2012

Miguel Galuccio, chief executive officer and chairman of Argentina’s state-run energy firm YPF SA, will step down from both roles as the nation’s newly elected President Mauricio Macri seeks to reorganize the company.

Galuccio will remain with YPF until the company’s shareholder meeting in April, YPF spokesman Alejandro Di Lazzaro said in a phone interview Wednesday. He led YPF since 2012 when he was appointed by then President Cristina Fernandez de Kirchner after she seized a majority stake in the firm from Spain’s Repsol SA. He previously worked at energy services firm Schlumberger Ltd.

President Mauricio Macri, who took office in December, had sought Galuccio’s resignation as part of a reorganization of the country’s largest company, according to people with knowledge of the situation.

The government on Wednesday said it plans to seek shareholder approval to separate Galuccio’s dual roles and proposed Miguel Angel Gutierrez, a YPF director, as chairman of the board. It instructed the board to begin the search for a new CEO, according to a statement by Energy and Mining Minister Juan Jose Aranguren.

‘The Magician’

During his nearly four years running YPF, the 48-year-old executive signed agreements with Chevron Corp., Dow Chemical Co. and Malaysia’s Petroliam Nasional Bhd to develop the world’s second-largest shale gas reserves at a deposit known as Vaca Muerta. He also took part in talks that resolved the investment dispute with Repsol and steered the firm back to capital debt markets.

Galuccio’s work for Schlumberger included a stint as director of production management in London. Nicknamed “the magician” by YPF employees and friends for his ability to make things happen inexplicably, he was able to convince Fernandez to raise prices on domestic natural gas and other concessions to promote investment.

Galuccio didn’t respond to an e-mail seeking comment.

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