BARCELONA, Spain (AFP) - Spanish energy company Gas Natural said it had appointed Savaldor Gabarro as chairman to replace Antonio Brufau, who is replacing Alfonso Cortina at the country's leading energy group Repsol YPF.
A Gas Natural board meeting at its Barcelona headquarters adopted a motion to appoint Gabarro, already a director, to the top job.
Gabarro, 69, is also deputy chairman of La Caixa bank, which is a major shareholder both in Gas Natural and Repsol YPF.
Brufau will continue as a member of Gas Natural's board in the post of deputy chairman, the gas group said.
In a surprise move, Cortina stepped down at Repsol after eight and a half years at the helm on Wednesday and Brufau, who represents the gas company on Repsol YPF's board, immediately moved into the seat as his successor.
Repsol YPF, the world's seventh biggest producer of hydrocarbons, owns 30.8 percent of Gas Natural.
Cortina was appointed chairman in June 1996 following the election of the conservative Popular Party (PP) under former prime minister Jose Maria Aznar.
The Socialist Party defeated the PP in a March 14 general election but the group said the replacing of Cortina was a "strictly business" decision.
10/28/2004 - 19:11 GMT - AFP