The Spanish cable operator Euskaltel has further strengthened its board with two new `high-quality independent directors.
Beatriz Mato Otero and Ana García Fau join Xabier Iturbe Otaegi, who was appointed the chairman of the board in October 2019 and José Ortiz Martínez who was appointed company secretary in November 2019. At the same time, the Euskaltel board size has been reduced to 10 members, which will help accelerate decision making and ensure greater dynamism within the business.
Zegona notes that the first key milestone in the restructuring was the appointment of José Miguel García (formerly CEO of Jazztel) as CEO of Euskaltel by shareholders in July 2019. Ángel Olabuenaga Burón, a highly experienced executive with previous roles at Telefonica, Electrolux and Vestas, was subsequently appointed as CFO earlier this year. With Zegona’s increased shareholding in Euskaltel, Zegona’s CEO, Eamonn O’Hare, also joined Robert Samuelson, Zegona’s COO, on the Euskaltel board.
Zegona says it is confident that this restructuring will result in a more effective and efficient implementation of the company’s 2020-2025 growth strategy outlined by Euskaltel senior management in March this year.
Commenting on the development, Eamonn O’Hare, Zegona’s chairman and CEO, said: “Zegona has been instrumental in driving Euskaltel’s new growth strategy, including increased operating efficiencies and launching the business nationally under the “Virgin telco” brand. A key inflection point was reached earlier this year when Euskaltel returned to growth, with significantly improved operating KPIs and strong financial performance. I am confident the recent changes to the Euskaltel Board will help drive further improvements to the company’s performance, enhance corporate governance and accelerate strategic decision making”.
