18 junio, 2024

YPF Ceo Miguel Galuccio asks 5 million compensation

YPF CEO Miguel Galuccio asks 5 million dollars in compensation after his imminent departure of the oil company. It had been agreed in his contract in case of dismissal.

The requirement does not sit well in the government of Mauricio Macri, taking into account the situation of the country and the controversy over mass layoffs from state. To pay more than 80 million pesos to one person and only once, involve a political cost that Macri is not willing to pay.

Galuccio had demanded the same benefits as possessed when he was at the head of Schlumberger in addition to the golden parachute clause, which means to receive compensation of more than $ 5 million if it is separate from the company. This is common in contracts of senior executives of major companies.

A source consulted by Infobae said: «He was the best Argentine person to drive YPF. His hiring was professional, not political criteria. He said he did not return to the country to lose money, but was willing to join.»

The government however argues that in this case there is not effectively a dismissal, but it is a consensual resignation, tied to a shareholders’ meeting. And in addition, a payment of 5.5 million dollars to Galuccio-an executive with several weak points in his management- would be politically unfeasible.