Olabuenaga has previously worked for companies including Deloitte, Telefónica Data España and Electrolux. Most recently he was CFO, Latin America for wind turbine group Vestas.
Ander de las Fuentes has served as Euskaltel CFO since 2014.
Euskaltel’s leading shareholder, UK-based investor Zegona Communications, welecomed the appointment, which it said continued the process of creating a stronger and more agile leadership under CEO José Miguel García.
Eamonn O’Hare, chairman and CEO of Zegona, said: “We see Ángel’s arrival as a very positive sign for Euskaltel. We expect his strong operational finance experience will provide valuable support to José Miguel and the rest of the management team as they continue to build on the momentum they have already demonstrated in transforming Euskaltel into a more operationally focussed business.”
Separately, Zegona this week announced a share buyback programme as it attempts to close the gap between its own share price and the value of its underlying asset, its stake in Euskaltel.
The company announced a buyback programme of up to £10 million to help address the issue, with some 50,000 shares purchased as of yesterday.
Zegona also announced that investment group Aberforth had acquired a 6% stake in the company.
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