Indra Chairman Ángel Escribano Resigns; SEPI Proposes Ángel Simón as Successor

Ángel Escribano resigned as executive chairman of Indra on April 1, 2026, stepping down during an extraordinary board meeting he himself convened, following weeks of pressure from the Spanish government over a conflict of interest involving his family business. Escribano submitted a letter to the board and to the CNMV stating that recent events had generated a situation that, beyond personal toll, threatened to compromise the objectives he had pursued since taking the role. „Faithful to the values of responsibility and loyalty that I have always defended, I cannot allow my continuity to interfere with the stability of the company, its professionals, and the confidence of its investors” — Ángel Escribano via Europa Press Escribano had served as executive chairman for fourteen months, having been appointed in January 2025 to replace Marc Murtra, who left to lead Telefónica. The conflict centred on a proposed acquisition by Indra of Escribano Mechanical and Engineering (EM&E), the defence company owned by Ángel Escribano and his brother Javier, which withdrew from the deal approximately two weeks before the resignation. According to Reuters, SEPI, the state holding fund, had previously demanded that the conflict of interest among shareholders be resolved before any deal could proceed.

SEPI puts forward Ángel Simón as successor SEPI, which Reuters and multiple Spanish outlets confirm holds a 28% stake in Indra, proposed Ángel Simón as the new chairman during the same extraordinary board meeting. Simón, born in Manresa in 1957 and a civil engineer by training, served as chief executive of CriteriaCaixa between January 2024 and April 2025, according to Europa Press and 20 Minutos. Before that role, he chaired the Aguas de Barcelona group (Agbar) between 2018 and 2024, and served as vice president of Veolia for Iberia and Latin America during the same period. He also held positions as deputy general manager and executive vice president of the Suez group. Indra's board of directors must now study the proposal and decide whether to approve the appointment. Virginia Arce Peralta, Indra's coordinating independent director, has initiated the formal succession process in coordination with the company's Appointments, Remuneration and Corporate Governance Committee.

Indra leadership changes: — ; — ; — ; — ; —

Conflict of interest at the heart of the dispute The root of the crisis lay in the dual position occupied by the Escribano brothers: as both the owners of EM&E and significant shareholders in Indra, they simultaneously occupied buyer and seller positions in the proposed merger. According to Reuters, EM&E holds a 14.3% stake in Indra, making it the second-largest shareholder behind SEPI. La Razón also reported the Escribano brothers' combined holding at approximately 14% of Indra's capital. LaSexta cited SEPI's stake as "nearly 30%," while Reuters and Europa Press reported the figure as 28% — the discrepancy reflects different reporting moments during a volatile day. El Confidencial had reported the previous month that Spain's government urged SEPI to use its influence to force Escribano's dismissal, though the government publicly stated it was unaware of any conflict of interest when Escribano was originally appointed. According to La Razón, the government had been pressing for Escribano's departure for at least two months before the resignation. 436 (million euros) — Indra net profit in 2025, per La Razón La Razón reported that Indra closed 2025 with a profit of 436 million euros, 57% more than the 278 million euros recorded the previous year, a performance driven in part by rising defence spending across Europe.

Indra profit 2024 vs 2025: Net profit (before: 278 million euros (2024), after: 436 million euros (2025)); Year-on-year growth (before: —, after: 57% increase)

Shares swung sharply before closing higher on the day Indra shares experienced significant volatility on April 1, 2026, the day the resignation was announced. Reuters, in its earlier report, stated that shares fell 7% during the session. However, a later Reuters update noted that shares ended the day 3% higher, and LaSexta confirmed the stock closed approximately 3.13% above the previous day's close. The divergence reflects the intraday swings driven by successive news developments throughout the day. Indra has undergone repeated leadership changes in recent years. Marc Murtra, who preceded Escribano as chairman, left in January 2025 to lead Telefónica after SEPI withdrew its support from the previous Telefónica chief executive, José María Álvarez-Pallete. ABC noted that Escribano's departure represents the fourth leadership handover at Indra in five years. The company is considered a strategic asset by the Spanish government, particularly as European defence spending has surged amid ongoing conflicts on the continent. The broader context of Escribano's departure is one of heightened strategic importance for Indra: the company is competing for major defence contracts at a moment when the European Union is projecting significant increases in military expenditure. ABC described the succession of chairmen as revealing "a worrying lack of judgment in the strategic direction" of the company, while noting that the state's role as both shareholder and regulator had been called into question by the episode. The Indra board comprises 15 directors, including representatives from SEPI, EM&E, Amber Capital, and the Basque defence company Sapa, alongside seven independent directors, according to LaSexta.