Repsol's Holders Readying Replacement for CEO Brufau

Repsol SA's shareholders are looking to possibly replace current chief executive officer Antonio Brufau, an idea that has been gradually shaping up after the company's Argentine unit YPF SA was nationalized earlier this year, reports Expansion in its Monday Internet edition.

La Caixa, Repsol's largest shareholder, with close to a 13% stake, is proposing as a potential replacement Juan Maria Nin, currently the chief executive officer of its unit CaixaBank, although other shareholders are looking for someone with broader international relations, according to the newspaper.

Repsol's board members feel that a change in the company leadership will open up a channel for dialogue with Argentina, but the significant severance pay that Brufau would get is seen as an obstacle for his departure, adds Expansion.

Copyright (c) 2012 Dow Jones & Company, Inc.

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