MOVES: Cepsa headhunts Dow exec to lead chemicals, reorganises structure
Jonathan Lopez
21-May-2020
LONDON (ICIS)–Cepsa has appointed Dow executive Paloma Alonso as head of its chemicals division, effective 15 July, the Spanish energy and petrochemicals major said on Thursday.
Alonso succeeds Jose Manuel Martinez, who will now lead the newly-created Technical and Operations department.
She had worked at Dow for the past 23 years; in her last position at the US chemicals major she was business director for hydrocarbons.
In her new role, Alonso will also be responsible for the company’s Environmental, Social and Governance (ESG) activities.
She will be the only woman in Cepsa’s nine-strong executive committee.
CHANGE AT PACE
The
appointment was announced as part of a large
corporate reorganisation started in October
2019 after a new
CEO was appointed following US private
equity fund Carlyle’s acquisition of a 37%
stake at the firm.
Financial details were not made public, but analysts estimated Carlyle would have paid around $12bn to former 100%-owner, Abu Dhabi’s investment fund Mubadala.
As of 1 June, Cepsa’s new divisions will be Exploration & Production; Refining; Chemicals; Sales; and Trading, Gas & Power & Renewables.
Cepsa’s chemicals division performed well in the first quarter, unlike other divisions which suffered greatly from Spain’s lockdown started in mid-March to contain the coronavirus pandemic.
Cepsa’s domestic market outlook for this year is dire as the pandemic hit Spain hard, with analysts estimating GDP could fall around 10%, compared with 2019.
While a rebound is expected in 2021, the economy would not reach pre-pandemic levels until 2022 or the year after; already-high unemployment is expected to soar further as Spain’s predominant, employment-intensive services sectors take the greatest hit.
Cepsa however did not mention the pandemic on Thursday, arguing the reorganisation responded to a need to “meet the challenges” of the energy transition as well as its international expansion.
“To achieve these goals, we will optimise our integrated business model, enhance our competitiveness and continue to pursue operational excellence,” said Cepsa’s CEO Philippe Boisseau.
Global News + ICIS Chemical Business (ICB)
See the full picture, with unlimited access to ICIS chemicals news across all markets and regions, plus ICB, the industry-leading magazine for the chemicals industry.
Contact us
Partnering with ICIS unlocks a vision of a future you can trust and achieve. We leverage our unrivalled network of industry experts to deliver a comprehensive market view based on independent and reliable data, insight and analytics.
Contact us to learn how we can support you as you transact today and plan for tomorrow.