Indra Appoints Renault Executive Josep Maria Recasens as New CEO to End Governance Crisis

A Unanimous Decision

The board of directors of Indra has unanimously appointed Josep Maria Recasens as the company's new chief executive officer, succeeding José Vicente de los Mozos. The decision, proposed by the Appointments Committee, was formally announced to the National Securities Market Commission (CNMV) on Tuesday. Recasens will also join Indra's board as an executive director through co-optation.

The council has also approved the new contract for the provision of executive services, which will take effect on June 17 to ensure an orderly transition and the transfer of responsibilities.

The appointment will be ratified at the next general shareholders' meeting, which has been postponed from June 25 to June 30. De los Mozos, who joined Indra in 2023, had expressed a desire to stay, but the government, the main shareholder through SEPI's 28% stake, opted for a change.

From Automobiles to Defense

Recasens, born in Girona in 1976, has spent his entire career in the automotive industry. He is currently the global director of Strategy, Product, and Program Management at Renault Group, CEO of its electric vehicle division Ampere, and president of Renault Spain. He also presides over the Spanish Association of Automobile and Truck Manufacturers (ANFAC).

Recasens, an engineer specialized in industrial organization, had been in the automotive world for 25 years.

His career began at SEAT in 2002, where he held roles in technology, product, and international projects before becoming Director of Strategy. He later followed Luca de Meo to Renault, where he was considered a potential successor. He holds an industrial engineering degree from the University of Girona, a master's in Automotive Engineering from UPC, and an MBA from ESADE.

A Political and Strategic Fit

Recasens's profile aligns with the government's search for a candidate with industrial experience, management capacity, and strong ties to the Ministry of Industry. He has been a key interlocutor for Minister Jordi Hereu on matters of electrification and industrial aid, a department managing €13.8 billion in public credits that Indra aims to tap for its defense expansion.

Recasens has worked in recent years with the Ministry of Industry on issues related to automobile electrification, industrial aid, and the transformation of Spanish factories.

Both Recasens and Indra's non-executive president, Ángel Simón, share Catalan origins and a good rapport with the PSC and Moncloa circles. Recasens is described as politically independent despite his institutional closeness to the executive branch.

Closing the Governance Crisis

The leadership change follows the resignation of former executive president Ángel Escribano and the exit of the Escribano family from Indra's capital. The departure of De los Mozos effectively ends the 'Escribano era'. The new CEO's primary mission, alongside Simón, will be to relaunch negotiations with Escribano Mechanical & Engineering (EM&E) for a corporate operation that could bring the family back as minority shareholders.

The Road Ahead

De los Mozos's strategic plan, "Leading the Future," concludes this year without a major transformative deal and with the EM&E merger stalled. Recasens will take the reins on June 17, two weeks before the shareholders' meeting, to ensure a smooth handover. His appointment marks a continued bet on automotive industry profiles to lead Indra's industrial and military growth, following in the footsteps of his predecessor and other executives like Frank Torres.