- The change in the chair has been approved by the Board of Directors, having been proposed by the Appointments and Remunerations Committee, following the Ordinary Shareholders’ Annual General Meeting.
- Francisco Javier García Sanz was the Vice-President of the Volkswagen Group as Director of Procurement until 2018. He has sat on the TUBACEX Board of Directors since 2019.
- Álvaro Videgain has stepped down after being associated with the company for 40 years, although he will maintain ties with the firm from Alava through its Foundation.
(Llodio, 24th June 2021) The TUBACEX Board of Directors has appointed Francisco Javier García Sanz, the former Global Vice-President of the Volkswagen Group, as the company’s new Chairman. García Sanz takes over from Álvaro Videgain, who has stepped down as Chairman after being associated with the company for 40 years, 22 of which as Executive Chairman.
García Sanz holds a Degree in Business Administration and an Honorary Doctorate from the University of Stuttgart (2008). After 15 years in General Motors, he joined the Procurement Area at the Volkswagen Group and, subsequently and until 2018, occupied the Vice-presidency, a role which he combined with the Presidency of SEAT. During his career, he has sat on the Boards of Directors of Audi, Scania and Porsche. He also presided over the Spanish Association of Car and Lorry Manufacturers (ANFAC) from 2008 to 2012. He has been an Independent Director on the TUBACEX Board of Directors since 2019.
Álvaro Videgain, Graduate in Law and in Economics and Business Administration from the University of Deusto, has stepped down after being associated with the company for four decades. He initially started off in the sales department until he was appointed CEO in 1992 and Executive Chairman in 1993, whereby he carried out both roles until January 2013 when Jesús Esmorís joined as CEO and Álvaro Videgain continued as Chairman of TUBACEX. To date, he has also presided over the TUBACEX Foundation, with which he shall continue to be associated as a one of its trustees.
Shareholders’ General Meeting
The appointment of Francisco Javier García Sanz was announced at the Ordinary Shareholders’ Annual General Meeting and approved by the Board of Directors, having been proposed by the Appointments and Remunerations Committee.
The shareholders’ meeting also approved the Financial Statements and the Management Report. A reduction of €1,800,000 in the Company’s share capital was also approved, through the amortization of 4 million own shares, which represent approximately 3% of the Company’s current share capital, derived from a share buy-back program in 2020. Other points presented for approval were the appointment of the accounts auditor for the Company and its consolidated group for the 2021, 2022 and 2023 financial years, or the modification of the Articles of Association and the Shareholders’ General Meeting Regulation to include new features deriving from the updated Corporations Act. The Board of Director’s remuneration policy was also approved without any significant variations with respect to the previous one.
Strategic Plan
During the Shareholders’ General Meeting, the CEO of TUBACEX, Jesús Esmorís, reviewed the Group’s evolution during the oil and gas crisis prior to the outbreak of COVID-19. Investment in extraction and production has been reduced by 40% since 2015. In spite of this, the company has maintained its strategic investments, consolidating a perimeter that will enable it to strengthen its position and prepare the organization for market recovery, whenever that may be. In 2020, with the outbreak of COVID-19 and the ensuing acceleration of a global movement in favor of environmental sustainability, TUBACEX considered some objectives that will enable it to prepare the organization for a new cycle. To do so, it introduced an emergency plan allowing it to save more than €30 million each year. During 2020, it also reinforced its commitment to sustainability, establishing three lines of action focusing on decarbonization and the circular economy, development of advanced solutions and diversification towards clean energy with ambitious objectives for the coming years.
With respect to future prospects, the company foresees a reduction in oil and gas investment and the sector’s commitment to new energy sources, which forces it to boost its diversification towards other sectors. On the other hand, according to the International Energy Agency IEA, global demands for carbon neutrality require new projects for the supply of fossil fuels to be stopped. In this respect. TUBACEX is defining a new strategic plan that will position the company as a supplier of high value-added solutions for the energy and mobility sectors.
About TUBACEX
TUBACEX is a multinational group with its headquarters in Alava and a global leader in the manufacture of stainless steel and high-alloyed tubular products (tubes and accessories). It also offers a wide range of services from the design of tailored solutions to installation and maintenance operations.
It has production plants in Spain, Austria, Italy, the United States, India and Thailand, as well as Saudi Arabia, Dubai, Norway, Canada and Singapore through the NTS Group, worldwide service centers and sales offices in 38 countries.
The main demand segments for the tubes manufactured by TUBACEX are the oil and gas, petrochemical, chemical and power generation industries.
TUBACEX has been listed on the Spanish Stock Market since 1970 and is part of the “IBEX SMALL CAPS” Index. www.TUBACEX.com