La Caixa hires Angel Simon as CEO of Criteria

Major changes to Barcelona’s management map. Angel Simon will leave his executive duties at Agbar Group and become the new CEO of CriteriaCaixa from 1 February., the investment holding company of the La Caixa Banking Fund. He will be responsible for managing more than 26 billion euros of assets on which La Caixa depends if it can continue to carry out its social activities, which this year have a budget of 600 million euros. As head of Criteria, where La Caixa owns 100% of the shares, Simon will manage a business portfolio whose main crown jewels are the controlling stakes that La Caixa owns in CaixaBank (32%) and Naturgy (26.7%) and to which shares are added in companies such as Cellnex (4%), Telefónica (2.55%), Aigües de Barcelona (15%) and Saba (99.5%), as well as in international banks such as the Mexican Inbursa (9 .1%) and Chinese Bank of East Asia (19.19%). In addition, Criteria controls a real estate portfolio valued at more than $2,700 million and is the owner of the venture capital firm CaixaCapital Risc.

Simon will retain the post of President of the Agbar Group, which he has held since 2010, when he succeeded Jordi Mercader, but his position will become non-executive, meaning he will no longer be responsible for the day-to-day management of Spain’s leading water sector group. . If this will leave all positions and responsibilities he currently holds at the French giant Veolia, where he sits on the global management committee as senior vice president and head of Veolia’s business in Spain, Portugal and Latin America. It will be remembered that in 2021 Veolia reached an agreement to purchase the Suez group – the historical parent company of Agbar – an operation that was formalized at the beginning of 2022 and from which Simon benefited by significantly expanding the volume of the business and the perimeter of the business. managed companies.

Born in Manresa in 1957. Simon will replace Marcelino Armentera at Criteria, a low-key leader who, despite holding one of the most important leadership positions in Spain, always kept a low profile and stayed away from the spotlight. With a degree in business administration and an MBA from Esade, Armenter has been associated with the La Caixa group for over 30 years and took over the management of Criteria in 2013. In 2019, La Caixa Banking Foundation President Isidro Faine doubled down on his confidence in the director by including him on the board of directors of Criteria and subsequently appointing him as CEO. He will leave this position on January 31 and will be taken over by Simon. It is unknown whether Armenter will take on new roles within the La Caixa group or separate completely from the conglomerate. Criteria’s board of directors thanked Armenter in a statement for his dedication to the company and his service as the company’s CEO in recent years.

In parallel with the appointment of Simon This Thursday, the Criteria board agreed to propose the re-election of Fane as president of the investment holding for another four years. According to the group, Fainé “has carried out a phase of holding consolidation in recent years, strengthening its position as the first shareholder of strategic companies such as CaixaBank and Naturgy, and carrying out a process of reorganization and diversification of its asset portfolio.” In this sense, Criteria abandoned Abertis and began an investment strategy in several listed companies, including Telefónica. The goal is for the companies in its portfolio to generate a “stable and sustainable” dividend stream over time, a vital issue for financing the budget of all the social, cultural and research programs promoted annually by the La Caixa Banking Foundation. . .

The enterprise budget this year will increase by 12% and reach 600 million euros. (in 2023 there were 538 million), becoming the highest figure in its history. Over the past fifteen years, La Caixa has allocated 7 billion euros to finance its social, scientific, educational and cultural initiatives. an action that takes place throughout Spain and, more recently, in Portugal. The volume of these social investments and the size of the assets under management make La Caixa the first fund in Spain, the second largest in Europe and one of the most important in the world. “The mission,” the organization reminds, “is to build a fairer society with more opportunity for everyone, especially those who need it most.”

Angel Simon’s jump at the Criterion very important for the futuresince the leader has always been considered as one of potential candidates to replace Fene at the helm of La Caixa. With this move, Fane’s position as the dolphin and the most trusted man will be strengthened and an orderly replacement process could begin in the coming years. It should be taken into account that according to the current charter of the banking fund, Fene will not be eligible for a new mandate in 2026 to continue as President of La Caixa, so there are only two years left to obtain succession. track.

“We are opening the stage and giving new impetus to the Criteria Caixa project, with the aim of securing the economic resources that the La Caixa Foundation will need in the coming years to carry out its social work. The approval of a budget of 600 million euros for 2024 represents a very important step in the history of the company. In a very complex world, with increasing levels of inequality, La Caixa remains committed to social and human development, especially the most vulnerable,” said Isidro Faine.

The Criteria board also approved the proposal to appoint notary Juan José López Burniol as first vice president of the investment group, a position he also holds on the board of trustees of the La Caixa Banking Foundation. Businessman and editor Javier Godot remains Criteria’s second vice president. Directors José Antonio Azian, Marcos Contreras, Jean-Louis Chaussade, Isabel Estapé, Josep-Delfi Guardia and Francesc Homes also extended their contract for another four years. The members of the Criteria Council are Eugenio Gay, Juan Manuel Negro, Asuncion Ortega and Montserrat Trape.

Passionate engineer at Ildefons Cerdà

Angel Simon Grimaldos is a civil, canal and port engineer who joined the Agbar Group in 1995. He grew professionally with the company under the leadership of Ricard Fornesa, holding various positions with the multinational leader in water cycle management until he became its President in 2010. . Actually, Simon became president at a particularly important moment for Agbar: as the group ceased to be listed on the stock market that same year after 90 years. The delisting from the stock market came after the French multinational Suez took control of Agbar to the detriment of Criteria Caixa, which was listed at the time, with which it had until then controlled the company through Jesusa. In exchange for this sale, La Caixa bought the insurance company Adeslas from Agbar for more than one billion euros.

In this context, Simon was also Vice President of Suez between 2013 and 2022, when he had to lead the integration of the Barcelona group into Veolia. During this decade the manager had to deal with two main fronts. On the one hand, the controversy caused by the establishment of the joint water cycle management company Aigües de Barcelona, ​​a legal battle that Agbar won in the Supreme Court. In parallel, Agbar challenged in court the decision to transfer the public company Aigües Ter Llobregat (ATLL) to the Acciona group, another notorious business war that the group led by Simon also managed to win in the Supreme Court.

Before signing Agbar, the manager was manager of the Barcelona Metropolitan Area (AMB). A lover of literature and poetry, as well as a great connoisseur and defender of the work of Ildefons Cerda, Simon received the Professional Career Award from the Caminos Foundation and the Medal of Honor “Businessman of the Year 2020” from the Foment del Treball. He also sits on the Board of Trustees of the Princess of Girona Foundation and the Royal Spanish Academy Foundation.