Indra's President Ángel Escribano Expected to Resign Amid Controversy

Sources familiar with the situation have revealed that Ángel Escribano, the president of Indra, is expected to resign from his position on Wednesday. An extraordinary board meeting is scheduled to take place at 5:00 PM today to discuss the matter. Escribano's potential resignation follows the withdrawal of the Escribano brothers, Ángel and Javier, owners of EME, from negotiations regarding a deal with Indra. Additionally, the State Industrial Participation Company (SEPI) has demanded that the existing conflict of interest related to this deal be addressed. The possibility of Escribano's resignation had been anticipated prior to the ordinary board meeting on March 25, where he maintained his role, despite tensions brewing over the negotiations. During that meeting, two sessions were held: one extraordinary, focused on finalizing details of the EME deal, and another ordinary where Escribano's resignation was not officially on the agenda yet could have been raised. Following these meetings, no information was released except for reports of tense discussions and the lack of a replacement for Escribano. SEPI, the main shareholder of Indra with nearly 30% ownership, had previously indicated that they did not plan to request Escribano's replacement before the board meeting commenced. This situation has drawn parallels to that of José María Álvarez-Pallete, the president of Telefónica, who was replaced in January 2025 after SEPI withdrew its support. Notably, just over ten days ago, Ángel Escribano had expressed confidence in his position, believing he had the support of the board. Sources close to him revealed that he considered his situation distinct from Álvarez-Pallete’s due to his status as the second-largest shareholder in Indra, owning over 14% of the company. The board of Indra is populated by 15 counselors, including Escribano himself, CEO José Vicente de los Mozos, and board representatives from both EME and Amber. SEPI is represented by Antonio Cuevas, Juan Moscoso, and Miguel Sebastián, along with seven independent advisors. As the industry watches closely, anticipation builds around the outcome of the board meeting and the ramifications of Escribano's potential departure from the top leadership position at one of Spain's key technology firms. Related Sources: • Source 1 • Source 2