Argentina's YPF Said to Name Total's Ricardo Darre New CEO

(Bloomberg) - YPF SA, Argentina’s state-controlled oil company, has named Total SA managing director Ricardo Darre as chief executive officer, a person familiar with the decision said.

Darre, the head of the U.S. exploration and production unit since August 2014 at France’s largest oil company, was selected for the role, said the person, who asked not to be identified because the matter isn’t public. The announcement is expected in a YPF statement later Monday.

Darre joined Total in 1987 and held assignments in Norway, Thailand, Argentina, Russia and France, according to a biography description for an event by the International Association of Oil and Gas Producers.

He will replace Miguel Galuccio, who stepped down from the company’s top role in late April as President Mauricio Macri sought a reorganization of the country’s largest company. Galuccio had been appointed Chairman and Chief Executive Officer of the state energy firm by former President Cristina Fernandez de Kirchner following the company’s re-nationalization in May 2012. Daniel Gonzalez, the company’s chief financial officer, was named interim CEO following Galuccio’s departure.

Darre was reported to be shortlisted for the company’s top job as well as Gonzalez and steel-maker Tenaris’s president for North America, German Cura.

The YPF press office declined to comment on the appointment. Tricia Fuller, a spokeswoman at Total, declined to comment in an e-mail.

Copyright 2016 Bloomberg News.

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