Indra has experienced a collapse on the stock market this Tuesday after the latest maneuver by the Government to dispense with Ignacio Mataíx, the last senior executive who did not control the technology company. The Sociedad Estatal de Participaciones Industriales (Sepi) owns more than 25% of the capital, enough to run Indra with its allies, but international funds supported Mataix as CEO after announcing some historic results last month, so they have reacted negatively.
In the first hours of the trading session, Indra's shares have registered falls of more than 6%, which implies a loss of value for the company of more than 100 million euros in such a short time. Analysts attribute the fall to the replacement of the CEO without, furthermore, still having a substitute.
"Negative news, which adds to the departure of the main executives of the company since Fernando Abril-Martorell was dismissed as executive president in May 2021," Renta 4 points out in a report. The Government achieved the dismissal of Abril- Martorell in 2021 to place the current president, Marc Murtra, linked to the Partit dels Socialistes de Catalunya, and later, he dispensed with Cristina Ruiz who was CEO along with Mataix. And she didn't just do that in her takeover operation. "We recall that at the General Shareholders' Meeting in June 2022, SEPI and several shareholders (Amber Capital and SAPA Plasencia) caused the dismissal of six independent directors, managing to achieve a change of control in Indra," adds Renta 4.
The stock market drop occurred after Indra announced the day before, at market close, that "Indra's board of directors has unanimously approved, in agreement with the current CEO, Ignacio Mataix, to start a process of succession in office linked to the definition of the next strategic plan that the company plans to define for the coming years".
And, to try to stop the price drop, he added that Mataix will not only continue in office until the relief arrives, but that he will continue afterwards "as a strategic advisor" for two years.
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