On March 28, 2025, Tubacex announced a significant leadership change as Jesús Esmoris, the company’s CEO for the past twelve years, resigned to pursue personal projects. His successor, Josu Imaz Murguiondo, has been appointed to lead the company, a decision unanimously approved by the board of directors.
Esmoris's resignation comes at a pivotal moment for Tubacex, which is in the process of launching a new plant in Abu Dhabi and negotiating a new agreement in the Basque Country. According to a statement from the company, Esmoris stepped down to focus on his own business ventures, marking the end of a transformative era for Tubacex.
Josu Imaz, an industrial engineer from the University of Navarra with an MBA from Mondragón and a PADE from IESE, brings a wealth of experience to his new role. Before joining Tubacex, Imaz spent thirteen years at Construcciones y Auxiliar de Ferrocarriles (CAF), where he was the general manager of the rolling stock division and previously served as executive president of Solaris, CAF's electric bus manufacturing subsidiary. His leadership at Solaris contributed to the company achieving record revenues of €927 million in 2024.
Scheduled to officially take over in mid-April 2025, Imaz will work closely with Esmoris during the transition period to ensure a smooth handover. The board has expressed confidence in Imaz’s industrial acumen, stating that his extensive international business and operational experience will be invaluable as Tubacex continues to navigate the complexities of the global industrial landscape.
Under Esmoris’s leadership, Tubacex has established itself as a benchmark in advanced tubular solutions, diversifying its operations beyond the oil and gas sectors into aerospace and automotive industries. The company has also expanded its presence in the Middle East, notably launching a plant in Abu Dhabi to fulfill a contract valued at over €1 billion awarded by the Emirati oil company Adnoc. This facility is expected to generate annual revenues of approximately €200 million, significantly contributing to the company’s growth.
The current order book for Tubacex stands at €1.5 billion, reflecting strong demand for its products and services. Despite a challenging economic environment, the company reported net profits of €22.9 million in 2024, although this represented a 37% decrease from the previous year.
In light of these developments, the board of Tubacex has emphasized the importance of maintaining a strong strategic direction. The company’s strategic plan, known as NT2 2027, aims to achieve an annual turnover of between €1.2 billion and €1.4 billion, with an EBITDA exceeding €200 million. This plan focuses on profitable growth, financial solidity, and value creation for shareholders.
The board thanked Esmoris for his dedication and leadership, highlighting his role in modernizing Tubacex and establishing it as a global leader in its industry. "We extend our gratitude to Jesús for his years of dedication and work, for the role he has played in creating the new Tubacex, a modern company that under his leadership has become a reference and a world leader in our industry," stated the board.
As Tubacex enters this new chapter under Imaz’s leadership, the company is set to continue its trajectory of growth and innovation, focusing on expanding its geographical reach and enhancing its product offerings. With a solid foundation laid by Esmoris, Imaz is poised to lead Tubacex into its next phase of development, ensuring that the company remains competitive and responsive to market demands.
In summary, the transition from Esmoris to Imaz marks a significant moment for Tubacex, as it seeks to build on its past successes and navigate the challenges ahead in a rapidly evolving industrial landscape. The company’s commitment to diversifying its operations and maintaining a strong financial position will be critical as it strives to achieve the ambitious goals set forth in its strategic plan.
