Juan Lasala, new Chief Executive Officer of the Red Eléctrica Group

The Board of Directors of Red Eléctrica, in its meeting today, 28 July, has agreed to the appointment of Mr. John Lasala as Chief Executive Officer of the Red Eléctrica Group, after having been appointed Executive Director at the Extraordinary General Shareholders’ Meeting held on 17 July.

This appointment responds to international best practices in corporate governance matters and to the commitment made to the shareholders in 2012 by the Chairman of the Board of Directors, Mr. José Folgado, which gave way to the necessary steps to be taken to separate the positions of Chairman of the Board and the Chief Executive Director of the Company.

Mr. José Folgado shall maintain his current executive powers, focusing his efforts on managing, supporting and fostering the transfer of executive powers in favour of the new CEO in order for such transfer to occur in a rational and organised manner during the transition phase, which will last at the most until the Ordinary General Shareholders’ Meeting in 2016. For his part, Mr. Juan Lasala, who has been part of the staff of Red Eléctrica since 2001, has assumed his executive functions since the date of his appointment as Executive Director.

The new model not only helps to maintain the proper balance of powers in the Board of Directors and improve the corporate governance structure of the Company, but also facilitates compliance with the objectives and strategies set out in the new strategic plan of the Group, which represents a clear and sustained increase in the already consolidated activities of the Company, supported by new activities that contribute to the sustainable development of its various business areas.


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