The steel company Celsa announced this Friday the appointment of Rafael Villaseca as the new non-executive president, as announced in September. Likewise, Jordi Cazorla is appointed as CEO, as explained in a statement. The company thus continues the implementation of the judicially approved restructuring plan. A couple of months ago, justice gave way to the transfer of the property to the funds.
In addition to the appointments in the company's two key positions, Daniel Alaminos joins as secretary of the board. "The appointment of the final council is very advanced," he explains. Maria Esther Alfonso Evisa, Antonio Arenas Rodrigañez, Francisco Javier Díaz-Gálvez de la Cámara and Luis Aurelio Martín Bernardo join provisionally.
“With all this, a new stage begins that represents a starting point to consolidate Celsa's leadership in the sector,” Villaseca highlighted. The new president will meet in the coming weeks with the management teams of each of the operational centers "to listen to his concerns and learn in detail about the ongoing projects," the note states.
Villaseca has already held top-level positions in industrial and energy companies. He was CEO of Gas Natural Fenosa (today Naturgy) and is a director of Cementos Molins and VidaCaixa. For his part, Cazorla is general director for southern Europe of DS Smith, a packaging business group with a turnover of 9,000 million and 30,000 employees. Previously, he held management positions at Ideal Standard, American Standard, General Electric and Hewlett Packard. Until his incorporation, the position will be held by Sergio Vélez, head of FTI Consulting Spain.
These changes come with the application of the restructuring plan approved by the court in September. With it, Celsa will seek to reduce its debt by 1.4 billion euros and extend the maturity of the remaining debt by 5 years, "leaving the company with a much improved financial situation," the statement explains. Currency lines are also extended.
In this operation, the new shareholders accept commitments such as maintaining the long-term viability of the company, making decisions for the group in Spain and protecting employment and productive capacity.
