Bloomberg News

YPF Rejects Newspaper Report of Attempted CEO Resignation

July 10, 2012

YPF SA (YPFD), Argentina’s largest oil company, denied a newspaper report that said its Chief Executive Officer Miguel Galuccio attempted twice to resign.

“The information provided by La Nacion is false,” said YPF’s Communications Director Alejandro Di Lazzaro in a telephone interview.

Differences between Galuccio and Planning Minister Julio De Vido were among the reasons for the decision reported by the Buenos Aires-based La Nacion earlier today. Argentina’s Planning Ministry issued a statement refuting a La Nacion story published today, without identifying which one it was.

Galuccio is scheduled to travel to Argentina’s Mendoza province tomorrow to unveil an educational program for YPF employees, Di Lazzaro said. Next week, Galuccio will announce investments at YPF’s Refineria La Plata refining division, Di Lazzaro said.

Galuccio was appointed YPF’s CEO and chairman by Argentine President Cristina Fernandez de Kirchner on May 4 after the country nationalized 51 percent of the oil producer from Spain’s Repsol YPF SA. (REP)

To contact the reporter on this story: Pablo Gonzalez in Buenos Aires at pgonzalez49@bloomberg.net

To contact the editor responsible for this story: James Attwood at jattwood3@bloomberg.net


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