Macri forces YPF state energy firm CEO Miguel Galuccio out.

The CEO of the Argentine state energy firm YPF, Miguel Galuccio, confirmed he will be resigning due to "irreconciliable differences" with the right-wing Macri administration.

Galuccio was designated to head the energy firm upon its partial renationalization in May 2012 by former President Cristina Fernández de Kirchner, and has been credited with helping reverse output declines at YPF of 6% annually under its previous Repsol management. YPF, established by the state in 1922, is the largest firm in Argentina of any kind with sales of $17.5 billion in 2014.

In a statement released today, Galuccio said he will guarantee an “ordered transition" ahead of the appointment of his successor. He will remain in his position until the upcoming Ordinary Shareholders Assembly takes place, and is expected to leave YPF on or after April 30.

“It has been 4 years of a lot of intensity in which we changed the direction of YPF to turn it again into the energy engine of the country, creating value for shareholders," Galuccio said. “I feel proud of what we achieved together with all at YPF; but it is time to allow that others continue the way the company is taking. YPF is the best company of the country and I am convinced it will continue to be.”

President Mauricio Macri, who had praised Galuccio during his presidential campaign last year as "one of the truly qualified Kirchner appointees that will stay if I'm elected," made no comment as to the news of his resignation. His energy advisers, however, are largely private oil executives who have pushed for YPF's privatization - particularly Macri's Energy Secretary, Juan José Aranguren, who was previously CEO of Shell Argentina.

One of the names mentioned most frequently as a possible replacement for Galuccio is Javier Rielo, linked to the French company Total Austral.

At: http://buenosairesherald.com/article/210349/ypf-ceo-galuccio-confirms-resignation

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