Spain’s Cepsa Restructures Operations
Spanish energy and chemicals group Cepsa is restructuring its operations into five business units: exploration & production (E&P); refining; chemicals; sales; and trading, gas & power and renewables.
The new structure, which will include three newly hired executives working alongside Cepsa’s existing leadership team, takes effect from Jun. 1.
CEO Philippe Boisseau, who will lead trading, gas & power and renewables, said the team will work together to shape a strategy based on international expansion and the development of new businesses to drive Cepsa’s transformation and growth in the evolving energy landscape and market environment.
Joining the Madrid-based firm on Jul. 15 after a 23-year career at Dow is Paloma Alonso, who will head the chemicals business. She will also take responsibility for Cepsa’s environmental, social and governance activities.
Alex Archila, who has 36 years’ experience with BHP and Chevron, takes the role as head of E&P, while former Total South Africa CEO Pierre-Yves Sachet will head the sales division, combining his position with responsibilities for Cepsa’s strategic growth area.
The move is part of a reorganization that started last October following private equity group Carlyle’s acquisition of a 37% stake in Cepsa from Abu Dhabi wealth fund Mubadala, which retained its 63% stake in the Spanish group.
Boisseau, appointed CEO in October 2019 following the retirement of Pedro Miro, said that in order to achieve its goals, the executive committee “will optimize our integrated business model, enhance our competitiveness and continue to pursue operational excellence”.