UPDATE 3-Head of Argentina's YPF resigns in government restructuring

miércoles 9 de marzo de 2016 19:57 GYT
 

(Recasts, adds Energy Ministry comment on successor, share price move, analyst)

By Hugh Bronstein

BUENOS AIRES, March 9 (Reuters) - The head of Argentina's state-controlled oil firm, YPF, is resigning amid a purge by the country's new president, Mauricio Macri, of top officials associated with the former leftist government.

YPF said Chief Executive Officer Miguel Galuccio, who will also step down as chairman, would remain in his post until the next shareholders' meeting at the end of April.

State-run news agency Telam said on Wednesday that Galuccio was asked by the government to step down "due to a restructuring" at the company.

Shares in YPF closed down 3.27 percent on Wednesday at 275.20 pesos ($17.91), dragging the benchmark Merval index lower.

Galuccio was appointed in 2012 by then-President Cristina Fernandez after she seized control of the company from Spanish oil giant Repsol.

But the executive, who signed exploration deals with Chevron Corp, Malaysia state oil firm Petronas and a framework agreement with Russian state-owned gas producer Gazprom to exploit the Vaca Muerta shale formation, was well respected on Wall Street.

"We can only think the new management will be equally or more pro-shareholder than before," said Maria Negrete-Gruson, a portfolio manager at Artisan Partners.   Continuación...