Iberdrola has named Pedro Azagra as its new group chief executive, succeeding Armando Martínez, the company announced on Tuesday.
Azagra, who has been with the Spanish energy company for 25 years, most recently served as CEO of its U.S. subsidiary. He originally joined Iberdrola as executive director of development, where he played a key role in expanding the company’s international footprint.
In a statement, Iberdrola said the appointment is part of its “strategy to reinforce leadership and continuity across the group.”
“With this appointment, Iberdrola reaffirms its commitment to consolidating its global presence with a strong focus on its key markets,” the company said.
Azagra holds a degree in law and business administration from ICADE at the Universidad Pontificia de Comillas in Madrid, where he has also served as a professor of corporate finance and mergers and acquisitions. He earned an MBA from the University of Chicago and began his professional career in investment banking at Morgan Stanley before joining Iberdrola.
The company did not disclose specific reasons for the leadership change.
