Ángel Simón Appointed Chairman of Indra Following Escribano's Resignation

Ángel Simón, former chief executive of the investment group CriteriaCaixa, was appointed non-executive chairman of Spanish defense and technology company Indra on April 2, 2026, replacing Ángel Escribano, who resigned the previous day following a conflict of interest dispute. The board of directors communicated the decision to the National Securities Market Commission at approximately 3:30 a.m. on Thursday, following an extraordinary board meeting that lasted ten hours. The appointment was proposed by SEPI, Indra's largest shareholder with 28% of the capital, according to multiple Spanish outlets. With Simón taking a non-executive role, chief executive José Vicente de los Mozos assumes all executive powers and becomes the company's top executive. Simón, born in Manresa in 1957 and a civil engineering graduate of the Polytechnic University of Barcelona, is Indra's fourth chairman in five years, according to Bloomberg.

Conflict of interest over family firm forced Escribano out Ángel Escribano's departure was triggered by a conflict of interest involving a proposed acquisition of EM&E, a company owned entirely by Ángel Escribano and his brother Javier, according to El Periódico and La Razón. SEPI demanded resolution of the conflict of interest approximately two weeks before the resignation, after which EM&E withdrew from the acquisition negotiations, Reuters reported on March 19. Despite EM&E's withdrawal, pressure on Escribano continued, and an ordinary board meeting on March 25 already generated speculation about his possible departure, according to El Periódico. Escribano initially resisted stepping down, believing he retained the support of the board and the shareholders' meeting, but events accelerated on Wednesday afternoon. In a letter sent to the board, he stated he could not allow his continuity to interfere with the company's stability. „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 As El País noted, Escribano's resignation as a director also means that EM&E, which holds approximately 14.3% of Indra's capital according to El País — or slightly more than 14% according to El Periódico — loses a direct seat on the board, reducing the family's decision-making power within the company.

Simón's appointment revives non-executive chairmanship model Simón's designation as non-executive chairman marks a return to the governance structure that Indra operated under when Marc Murtra first took the chairmanship in 2021, according to El Periódico and La Vanguardia. Murtra, who is now executive chairman of Telefónica, initially held non-executive functions at Indra before gradually assuming executive powers in 2024, a pattern that complicated internal relations. Simón's mandate, by contrast, is explicitly structured around oversight, with operational control concentrated in the hands of chief executive José Vicente de los Mozos, who has held the CEO role since May 2023 according to his Wikipedia entry. La Vanguardia reported that not all independent directors were immediately aligned on Simón's appointment, and that his candidacy triggered significant internal debate before a final decision was reached. The Government values Simón's experience leading large listed companies and his alignment with the state's industrial vision for the defense sector, La Vanguardia reported. Simón previously served as chairman of the Agbar water management group, as vice president of Veolia, and as deputy general manager and executive vice president of the Suez group, before his tenure at CriteriaCaixa between January 2024 and April 2025, according to Europa Press. Bloomberg reported that he was ousted from CriteriaCaixa in 2025 following tensions with the chairman there.

Indra has experienced repeated governance turbulence in recent years. Fernando Abril Martorell held the chairmanship before being replaced by Marc Murtra in 2021, when SEPI also proposed the change on the grounds that the company's proper performance required the full confidence of its main shareholder. Murtra assumed executive functions in 2024 before departing for Telefónica. Ángel Escribano was appointed executive chairman in January 2025, inheriting the executive title that Murtra had accumulated. The current transition is the fourth change of chairman at Indra in five years, according to Bloomberg.

Indra shares fell over 2% as markets opened Thursday Indra's stock fell 2.46 (%) — share price drop at market open on April 2 at the start of the trading session on April 2, with shares trading at 47.52 euros around 9:00 a.m., according to Europa Press. The decline came despite the fact that Indra shares had risen 3% on the day Escribano's resignation was first reported, according to Reuters. The leadership transition arrives at a moment of significant strategic importance for the Spanish defense sector, with La Vanguardia noting that billions of euros in contracts are at stake and Indra is positioned to serve as the lead company of the sector in Spain. Simón's appointment was made by co-option, a provisional procedure that must be ratified by the shareholders' meeting, according to La Razón. He has been classified as an "other external" director, meaning he formally does not represent any specific shareholder on the board, even though SEPI proposed his candidacy. Indra chairmanship model: Chairman type (before: Executive (Escribano, from Jan 2025), after: Non-executive (Simón, from Apr 2026)); Executive powers (before: Shared between chairman and CEO, after: Concentrated with CEO José Vicente de los Mozos); Board seat for EM&E (before: Escribano held seat as director, after: EM&E loses direct board representation)