Boss of Argentine oil firm YPF forced out

GMT 07:41 2016 Thursday ,10 March

Arab Today, arab today Boss of Argentine oil firm YPF forced out

CEO Miguel Galuccio
Buenos Aires - AFP

The chief executive of Argentine state oil company YPF has resigned at the government’s request, officials said Wednesday, conservative President Mauricio Macri’s latest swipe at his leftist predecessor’s appointments.

The company said CEO Miguel Galuccio, who was appointed in 2012 by former president Cristina Kirchner, would stand down at the end of April.

“The authorities believed it was important to consolidate a new management team,” said Senate speaker Federico Pinedo, explaining the Macri administration’s decision to replace the man appointed to steer YPF after its controversial expropriation from Spanish firm Repsol.

Kirchner’s government nationalized 51 percent of YPF in May 2012, accusing Repsol of failing to invest enough in Argentina’s largest company as output flagged.

Argentina had sold off YPF in the 1990s during a wave of privatizations by former president Carlos Menem.

The company registered net profits of $1 billion last year, up 58.5 percent thanks to production increases.

Macri has steadily hacked away at his predecessor’s policies and appointees since taking office in December, arguing her interventionist approach was dragging down Latin America’s third-largest economy.


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