YPF: IMPORTANT MANAGEMENT CHANGES
Sergio Affronti the new CEO of YPF introduced important changes in the company’s management team. He carefully selected officers with an extensive prior experience and also repatriated ex-YPF managers.
The YPF new management structure of the state-owned oil company seems to be oriented at recovering the original mantra of YPF as a fully integrated company from upstream to downstream.
Affronti faced the renewal of the Executive Management Committee with the mission of recovering the roots of YPF, with a new federal view of the company.
In this plan, he appointed as Downstream Executive Vice President, a logistics manager with more than 23 years of experience at YPF and he split the Executive Vice President position of Upstream for conventional and non-conventional:
a) In conventional Upstream he appointed an oil engineer, Gustavo Astie, with 15 years of experience in the company.
b) Pablo Iuliano, a former YPF who was manager of the Non-Conventional area of YPF during the management of Miguel Galuccio, assumes non conventional Upstream. Iuliano will move to Neuquén, where he will face the Vaca Muerta challenge up close.
Iuliano is remembered for creating an ambitious energy plan for Argentina, the largest in Latin America.
Affronti's changes continue with the departure of Executive Vice President Gas and Energy, Marcos Miguel Browne, who served in that position since March 2016, with the arrival of Cambiemos. His place will be occupied by Martínez Tanoira, with functions in the oil company since 1998.
The renovation is completed with the departure of Sergio Giorgi, VP of Investments and New Businesses and with the arrival in that position of Marcos Sabelli, executive leader of Transformation at YPF.
They will all collaborate with CEO Affronti, the President of YPF Guillermo Nielsen and the Manager of Investor Relations, Ignacio Rostagno.
The YPF leadership held a meeting with investors, to whom they presented the balance of the first quarter of the year and some future projections. According to members of the oil company, Affronti confirmed the return of the Creole barrel to $45, highlighted the creation of the Covid-19 Committee to meet the health needs of workers and revealed negotiations with banks to refinance debts and sustain "the box" of the company