April 30 (Bloomberg) -- Repsol SA named Josu Jon Imaz San Miguel to replace Antonio Brufau as chief executive officer as Spain’s largest oil company seeks acquisitions to boost reserves. Brufau will continue as chairman.
Imaz, 50, who led the expansions of two refineries at Repsol, joined the Madrid-based crude producer in 2008 as chairman of the Petronor unit before becoming general director of the industrial and new-energy business in 2012, the company said in an e-mailed statement today.
The management change follows Argentina’s approval of a $5 billion compensation payment to Repsol for the nationalization of YPF SA in 2012, paving the way for the focus on growth. Brufau, 66, said Nov. 22 that Repsol is willing to spend as much as $10 billion acquiring assets.
“With the new structure, the Repsol Group reinforces the management of its business unit so that, following the financial compensation agreement with Argentina, the company has the optimum structure to generate new growth opportunities -- organic” or through takeovers, Repsol said in an e-mailed statement.
Repsol held 7.5 billion euros ($10.4 billion) in cash and equivalents as of Dec. 31, 2013, the most since at least 1988, when Bloomberg records start.
The stock is up 9 percent since Brufau joined as chief executive officer in October 2004.