Ángel Simón has been proposed by Spain’s state-owned holding company, the Sociedad Estatal de Participaciones Industriales (SEPI), to chair Indra Sistemas, following the resignation of Ángel Escribano. The move, announced Wednesday, concludes a period of escalating tension between the Escribano family and the Spanish government over a proposed merger with Escribano Mechanical & Engineering (EM&E).
Simón, 66, previously served as CEO of CriteriaCaixa, the investment arm of the La Caixa banking foundation, until recently. His appointment comes after a protracted dispute stemming from the government’s opposition to the integration of EM&E, a company co-owned by Ángel Escribano, into Indra. The government, holding a 28% stake in the defense and technology firm, reportedly raised concerns about potential conflicts of interest.
Prior to his role at CriteriaCaixa, Simón held several prominent positions in the Spanish public and private sectors. He was president of Aguas de Barcelona (Agbar) from 2018 to 2024 and served as Vice President of Veolia Suez for Iberia and Latin America during the same period. Earlier in his career, he managed the Barcelona Metropolitan Area (AMB) and served as General Manager of the Barcelona Metropolitan Works Company (Emos). In 2020, he was recognized as “Entrepreneur of the Year” by Foment del Treball, a leading Catalan business association.
The conflict between the Escribano brothers and the government centered on the proposed merger, which officials in Madrid believed would create an undue concentration of power and potentially compromise the strategic interests of the defense sector. Sources within the government indicated they were not adequately informed about the merger plans during Ángel Escribano’s appointment as chairman last year. The government’s intervention ultimately led to the abandonment of the deal.
Indra’s share price has suffered significantly since the emergence of the crisis in mid-March, falling by more than 22% and losing approximately €2 billion in market capitalization, valuing the company at around €8.6 billion. The instability coincides with a critical juncture for the European defense industry, as increased geopolitical tensions drive substantial growth in defense spending.
Other candidates considered for the Indra chairmanship included Miguel Sebastián, a SEPI representative on the company’s board and Raúl Blanco, currently Director of Strategy at Sapa and former President of Renfe, Spain’s national railway operator. Simón was also reportedly a candidate to lead the newly established sovereign wealth fund, ‘España Crece’ (Spain Grows), intended to stimulate economic growth.
During the presentation of Indra’s annual results, the company projected exceeding €7 billion in revenue by 2026, alongside a profit of €700 million and free cash flow of over €375 million. The company’s future trajectory remains uncertain as it navigates the leadership transition and seeks to capitalize on the anticipated growth in the defense sector.
As of Thursday morning, neither the SEPI nor Indra Sistemas had released a timeline for Simón’s formal appointment or the composition of a new board of directors. The Escribano family has not issued a public statement following Ángel Escribano’s resignation.
