Press Release
CEPSA Announces Resolutions Adopted by the Board of Directors and New Organization These changes evidence the consolidation of the transformation process begun in 2011 The Executive Committee is now the highest decision-making body of the Company, with four members: H.E. Khadem Al Qubaisi, Santiago Bergareche, Murtadha Al Hashmi and Pedro Miró The new organization reflects the commitment made to uphold the Spanish management of the Company
CEPSA's Executive Committee, at its meeting held today, has
approved the configuration of the new executive structure of
the Company. Likewise, the Board of Directors, at its meeting
held on January 31st, adopted resolutions
amending the composition of the Board, Executive Committee,
Audit Committee and Nomination and Compensation Committee. At
this same Board meeting, the Chairman and CEO, H.E. Khadem Al
Qubaisi, stepped down as Chief Executive Officer, the duties
and powers of which have been assumed by the Executive
Committee.
The aforementioned changes in the governing and executive
bodies, with IPIC as the sole shareholder, are intended to
streamline CEPSA's organization, develop and reinforce
internal talent, support local management and tailor these
bodies to the Company's current situation and to its growth
and global expansion plans.
The Board resolved to reduce the number of Directors from 10
to 6. As a result, effective January 31, 2012, the
composition of the Board of Directors is as follows: