YPF’s board of directors announced the appointment of Pablo Iuliano as the company’s new CEO, replacing the resigning Sergio Affronti, as part of the continuity and deepening of the process started in 2020 to transform the oil company, in the face of “present and future challenges posed by the national and world energy scenario”.
This was announced this afternoon by the company to the market, noting that after a period of recovery of the production curve and successful restructuring of the debt, Affronti will leave his position as CEO of YPF and Iuliano, current vice president of Unconventional Upstream of the company, which was based in the province of Neuquén.
The appointment was made known after President Alberto Fernández received this afternoon at the government house the head of YPF, Pablo González, to introduce him to the new CEO of the company, official sources informed Télam.
During the meeting, the work of the outgoing CEO was “welcomed” and recognized for having carried out “great management”.
Government sources added that Affronti’s departure had “absolutely nothing to do with and has no connection” with an episode of espionage that occurred last December and is being investigated by the Justice Department.
“The departure of the previous CEO has to do with the end of the cycle but we are all very grateful to him,” they remarked.
After a process of recovery of the oil company during the last two years, Affronti will be replaced by one of the members of the current Executive Committee, who has worked to date based in Neuquén leading YPF’s NOC operation, confirmed the company.
Iuliano is a chemical engineer, graduated from the National Technological University and in the last 24 years he has held different positions within YPF and Tecpetrol.
“For a person trained at YPF, a career oilman, occupying the position of CEO is a pride and a privilege. We will continue to build a more federal, diverse company that is always focused on the growth that the company and the country need”Paul Julian
The new CEO, for his part, affirmed that “for a person trained at YPF, a career oil worker, occupying the position of CEO is a pride and a privilege,” and added: “We will continue to build a more federal, diverse and always focused company.” in the growth that the company and the country need”.
The chairman of the company’s board of directors assured that “the election of the new CEO aims to reinforce the objective of increasing production, implies the validation of a model of federalization of management with the presence of operational Vice Presidencies close to the production fields and seeks to continue with the consolidation of YPF as a flagship company and the main engine of work and production”.
“After almost two and a half years of work, we managed to emerge stronger from the company’s worst historical crisis. In these years, with the support of the board of directors and coordination with authorities in charge of national energy policy, we have deepened the efficiency and productivity curve in our operations in Vaca Muerta, reaching record levels of unconventional production,” said Affronti.
The outgoing CEO also highlighted that efforts were focused “on stabilizing conventional production based on the use of tertiary recovery technology and investments were launched to enhance refining and improve fuel quality.”
“And we achieved all this while improving our financial situation, reducing YPF’s net debt by more than 20% and bringing it to values lower than those of 2015,” Affronti said.
