Rafael Miranda steps down as Chairman of Acerinox with the Company's results at all-time highs

After eight years at the helm of the Group, he will not be eligible for reappointment at the General Shareholders' Meeting as he has reached the maximum age stipulated for reappointment in the Company's Articles of Association. Miranda has led the Group during its most important strategic decisions in recent years.

Chairman and Independent Director of Acerinox, Rafael Miranda Robredo, will step down from his role at the end of the Company’s General Shareholder's Meeting, which is expected to take place on second call on 16 June 2022, after having completed his second four-year term of office for which he had been appointed, and is not eligible for reappointment as he has reached the maximum age stipulated for reappointment in the Company's Articles of Association

The Board of Directors and the Company’s Management Team thank Miranda's extraordinary contribution and dedication to Acerinox since his incorporation in 2014, and his contribution to the Company's progress and strategy.


Miranda leaves a brilliant legacy with organic and inorganic growth

Rafael Miranda has had a term of office full of challenges that began in 2014, and during which strategic investments, both organic and inorganic, have been carried out, which have offered a great competitive boost to the Group. The organic investments worthy of note include the lines that expanded the product range offered in the sector’s leading factories such as Acerinox Europa and North American Stainless, and the inorganic investments worth highlighting include the acquisition and integration of the world's leading company in high performance alloys, VDM Metals.

Simultaneously, Miranda has promoted the modernisation of the Company's management and control procedures and has driven a strong commitment to strengthening ESG (Environment, Social and Governance) as an integrated part of the Company's management.

Changes in the Group's shareholding structure, management of the Covid pandemic and the global energy and logistics crises have been just some of the major challenges to which he has responded with excellence from his leadership. 

His career has led him to become a reference in the business world during which, in addition to Acerinox, he headed Endesa as CEO until 2009, leading a transformation of the company and the sector, and for his role in the modernisation of the electricity system and management as the head of large companies.

Miranda will continue with his current duties as a member of the Board of Directors of Brookfield Asset Management, one of the world's largest investment funds, the Board of Nicolás Correa and the advisory boards of various trusts and foundations. 

An Industrial Engineer who studied at ICAI, Miranda is Honorary Chairman of Euroelectric and APD (Association for the Advancement of Management), and was Chairman of, inter alia, Hispania Activos Inmobiliarios. These are just a few of the very diverse companies and institutions in which he has held positions or been a member of their boards.


The Board will propose Carlos Ortega Arias-Paz as Non-Executive Chairman

To cover the position of Chairman, the Board of Directors, which will hold a meeting after the General Shareholders’ Meeting, shall propose that Carlos Ortega Arias-Paz assume the role of Non-Executive Chairman of the Acerinox Board of Directors.

Ortega Arias-Paz holds a Degree Cum Laude in Economics from Harvard University and a Master’s in Business Administration from Harvard Business School. Ortega joined Corporación Financiera Alba, S.A. in 2017 as Director of Strategy, leading the company’s international strategy and collaborating in investments in Spain.

He is currently Managing Director of Corporación Financiera Alba, he is a member of the Boards of Directors of Verisure, Piolin Bidco (Parques Reunidos), Rioja (Naturgy), Atlantic Aviation and is Chairman of the Harvard Club of Spain.


Reappointment of Bernardo Velázquez Herreros as Chief Executive Officer

During the aforementioned Board Meeting, the reappointment of Bernardo Velázquez Herreros as Chief Executive Officer shall be proposed, thus renewing the position he has held since 2010 and for which he was reappointed in 2014 and 2018.

Velázquez is an Industrial Engineer who studied at ICAI. His career at Acerinox has included General Manager of the Mexico and Australia subsidiaries, Director of Strategy and Managing Director. He has also formed part of the Boards of North American Stainless (USA), a position he continues to hold, Columbus Stainless (South Africa) and Bahru Stainless (Malaysia), where he was also Chairman. He has additionally been Chairman of Acerinox Europa (Spain) and Inoxcenter (Spain).

Velázquez is also currently Chairman of UNESID and Vice-Chairman of the International Stainless Steel Forum.


The Board creates the function of Independent Coordinating Director

Although the Chairman of Acerinox has not held executive duties or powers since 2010, the Board of Directors -with the favorable report of the Appointments, Remuneration and Corporate Governance Committee- has decided to create this position due to the undoubted improvements it brings to the Company's corporate governance, also defining their duties. The position will be filled shortly.