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Endesa makes announcement.

MADRID, Spain--(BUSINESS WIRE)--February 10, 1997--ENDESA (NYSE: ELE), a major electric utility company in Spain, announced today that Sociedad Estatal de Participaciones Industriales (SEPI), holder of 67% of its shares, passed a Resolution at a Board Meeting held on Friday, February 7, 1997, proposing the following changes in the management of ENDESA:

1. That Mr. Rodolfo Martin-Villa be appointed Chairman, substituting Mr. Feliciano Fuster, who held the position since 1984. Feliciano Fuster will become Chairman Emeritus, in acknowledgement of his excellent work at the helm of the company during the last 13 years.

2. That Mr. Rafael Miranda, hitherto ENDESA's General Manager, be appointed Managing Director and Chief Executive Officer.

Rodolfo Martin-Villa is an industrial engineer and tax inspector who has held a number of high positions in government. He was a Cabinet Minister from 1975 to 1981, and Deputy Prime Minister from 1981 to 1982. He is a Member of Parliament and holds a seat in the Partido Popular's executive committee. He is also a Board Member of the savings and loans institution Caja de Madrid.

Rafael Miranda, an industrial engineer, has been ENDESA's General Manager since 1987. Prior to that, he was Deputy General Manager of Campofrio and Tudor. He is also a Director of several electric utility companies.

The proposed changes will be formally implemented at a Meeting of the Board to be held tomorrow, February 11, 1997.

The new management team will continue with the policies that have placed ENDESA as one of Europe's leading electricity groups, with a growing presence in cogeneration, renewable energies, water, gas and telecommunications.


Fernando Lario,

North America Investor Relations,

(212) 750-7200
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Publication:Business Wire
Date:Feb 10, 1997
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