- Title: Citgo to appoint new CEO to navigate political, legal turmoil
- Date: 13th August 2019
- Summary: CARACAS, VENEZUELA (AUGUST 13, 2019) (REUTERS) GENERAL VIEW OF NATIONAL ASSEMBLY IN SESSION OPPOSITION LEADER JUAN GUAIDO DURING ASSEMBLY SESSION IN PROGRESS NEWS CONFERENCE WITH OPPOSITION LEADER JUAN GUAIDO (SOUNDBITE) (Spanish) OPPOSITION LEADER JUAN GUAIDO, SAYING: "We are looking for a Citgo CEO that can safeguard and protect that asset, and to put it at the service of Venezuela, to carry out the corresponding audits from 20 years of management. We have interviewed Carlos Jorda, a chemical engineer from the Central University of Venezuela. He has extensive experience and will be supporting and assisting in safeguarding (Citgo)." GUAIDO DURING NEWS CONFERENCE (SOUNDBITE) (Spanish) OPPOSITION LEADER JUAN GUAIDO, SAYING: "A commission to analyse the debt and of course to protect our assets (is to be carried out) by Doctor Ricardo Villasmil, a Venezuelan economist, Ricardo Haussman, an economist, lawmaker Omar Barboza, Andres Eloy Camejo, also Carlos Paparoni who is a lawmaker in the finance commission, together with prosecutor Jose Ignacio Hernandez. This is a commission of seven people who will creating transparency for the country so as to safeguard (the country)." ASSEMBLY IN PROGRESS GUAIDO DURING SESSION GENERAL VIEW OF SESSION IN PROGRESS
- Embargoed: 27th August 2019 20:42
- Keywords: Citgo CEO Venezuela Caracas National Assembly opposition leader Juan Guaido Carlos Jorda President Nicolas Maduro
- Location: CARACAS, VENEZUELA
- City: CARACAS, VENEZUELA
- Country: Venezuela
- Topics: Government/Politics
- Reuters ID: LVA001AS1YS7B
- Aspect Ratio: 16:9
- Story Text:Citgo Petroleum Corp has selected Carlos Jorda as its next chief executive, according to three people familiar with the matter, turning to a seasoned refinery expert and native Venezuelan to run a company facing legal attacks and working under U.S. sanctions against parent Petroleos de Venezuela (PDVSA).
Citgo cut ties with PDVSA earlier this year after U.S. President Donald Trump's administration sanctioned the state-run company and recognized Juan Guaido, Venezuela's congress chief, as the nation's legitimate leader. Citgo officials loyal to President Nicolas Maduro were ousted and new boards for PDVSA and Citgo were named by the Venezuelan congress in February.
An appointment could be announced as soon as this week, after Citgo's board votes on the selection process, according to one of the sources.
Jorda, 69, was chairman of Citgo Petroleum between 1999 and 2002 and retired from the company in the early 2000s. He is a director at Delek US Holding, an oil refiner based in Tennessee, and an adviser at consultancy Gaffney, Cline & Associates.
A Citgo spokeswoman referred questions on Jorda and the potential appointment to a June statement acknowledging that the board was searching for a "leader who can best navigate the complex geopolitical and financial landscape."
Jorda, who one person said has not yet formally accepted the offer, could not be reached for comment. PDVSA did not reply to a request for comment.
Venezuelan Oil Minister Manuel Quevedo said over the weekend that the Trump administration is "stealing" Citgo, applying "irrational measures" and pursuing an economic war against Maduro.
The next CEO will take over a profitable business with nearly $30 billion in revenue last year, according to company disclosures. Citgo is the eighth largest U.S. refiner by capacity and markets through a network of 5,300 retail outlets.
But it is a company under siege on several fronts: Maduro has his own directors and considers the separation from PDVSA as illegal; creditors want to grab Citgo in payment for Venezuela's debts; and the U.S. Justice Department is probing its role in alleged bribery-for-contracts schemes.
Luisa Palacios, a Venezuelan executive appointed by opposition leader Juan Guaido to lead Citgo's board, would remain as chair and other directors also would continue, two of the sources said. - Copyright Holder: REUTERS
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