Raül Blanco Resigns as President of Renfe for Personal Reasons
Raül Blanco has announced his resignation as president of Renfe, the Spanish national railway company, citing personal reasons. This decision, which has been made in agreement with the Ministry of Transport, is set to take effect on January 14.
Blanco took the helm of Renfe in February 2023, but his tenure has been marked by significant challenges, including technical issues, equipment failures, and the financial difficulties faced by the company amid ongoing sector liberalization.
In a brief statement, Blanco highlighted that he has positioned Renfe on a path toward achieving positive results by 2025, asserting that the company is poised to become one of Spain's leading global players in the mobility sector.
His appointment followed the dismissal of his predecessor, Isaías Táboas, which was prompted by delays in the design and production of narrow-gauge trains commissioned from the Basque company CAF for the commuter networks in Asturias and Cantabria. The controversy surrounding these trains, which were reportedly too large for existing tunnels, led to significant scrutiny, although it was later clarified that the trains had not yet advanced beyond the design phase. This incident also resulted in the resignation of Isabel Pardo de Vera, who was the Secretary of State for Transport at the time.
Upon resigning, Blanco will transition from the public sector to the private sector. Prior to his role at Renfe, he served as the Secretary General for Industry and Small and Medium-sized Enterprises (SMEs) within the Ministry of Industry, Trade, and Tourism.
During his nearly two-year tenure at Renfe, the company's financial situation has improved significantly. Losses have decreased from EUR123.4 million in 2023 to EUR20 million in 2024, reflecting an impressive reduction of 83%. Concurrently, the company's earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 28% compared to the previous year.
Additionally, the past year has seen a modernization of the company, characterized by changes in the management team and the introduction of independent and gender-diverse professionals to the board of directors. Improvements in transparency and compliance standards within the organization have also been implemented.
