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Argentine President Cristina Kirchner named a new chief executive to manage the recently nationalized oil and gas company, YPF SA (YPF, YPFD.BA).
The new CEO, Miguel Galuccio, is a petroleum engineer by training and a former official at the oil services giant Schlumberger Ltd. (SLB), Kirchner said.
"The idea is to have a YPF that's absolutely competitive and professional but with political direction," Kirchner said in a nationally televised speech.
Moments before her speech, Kirchner signed a bill to expropriate 51% of YPF's stock from its majority shareholder, Spain's Repsol YPF SA (REPYY, REP.MC).
-By Taos Turner, Dow Jones Newswires; 5411-4103-6728; firstname.lastname@example.org