Indra chairman resigns amid spat with Spanish government

MADRID – Fourteen months after his appointment, Ángel Escribano stepped down on Wednesday as chair of defence and technology giant Indra following weeks of mounting friction with the Spanish government.

“The events of recent weeks have created a situation that, in addition to taking a personal toll, threatens to undermine the goals that have driven me from day one and that I consider essential for the future of Indra and the industry,” Escribano said in a letter to Indra’s board.

“I cannot allow my continued presence to jeopardize the company’s stability,” he added.

At the centre of the dispute is a stalled merger between Indra and smaller defence firm Escribano Mechanical & Engineering (EM&E), presented by both companies as key to consolidating Spain’s growing defence sector, but which raised serious conflict-of-interest concerns.

Indra’s chair, Escribano, is also the founder and co-owner of EM&E, alongside his brother Javier. EM&E is Indra’s largest private…