Abengoa Yield Gets New Finance Chief to Go With New Company Nameby
Yieldco changing its brand identity to Atlantica Yield
New CFO has held finance jobs in transit, telecommunications
Abengoa Yield Plc., a yieldco partly owned by troubled Spanish renewable-energy company Abengoa SA, named Francisco Martinez-Davis as chief financial officer.
Martinez-Davis is taking the post vacated by Eduard Soler, who resigned in September. The CFO announcement Monday comes four days after the company said that it had changed its corporate brand to Atlantica Yield.
Abengoa Yield is looking to distance itself from founder Abengoa SA, which filed for preliminary creditor protection on Nov. 25. Shareholders will vote to officially approve the new name at the company’s next general meeting.
“We want to reinforce our autonomy from Abengoa, to become a completely independent company,” Javier Garoz, Abengoa Yield’s then-chief executive officer, said on a Nov. 6 earnings call. Garoz was replaced later that month by Santiago Seage, who had served for six months as chief executive officer of Abengoa SA.
Martinez-Davis was formerly deputy general manager in finance and treasury at Spanish telecommunications company Telefonica Moviles SA, and was most recently CFO of the company that manages the city of Madrid’s metropolitan rail service.