Tower company Cellnex named business tycoon Oscar Fanjul (pictured, right) as its new non-executive chair, replacing Anne Bouverot (pictured, centre), who is stepping down to serve as the French government’s Special Envoy on AI.

Fanjul has been an independent director at Cellnex since June 2023.

The company stated he has “extensive experience in managing large multi-nationals and a deep understanding of the business world”.

He has held numerous jobs across industries, including CEO of energy company Repsol and a member of the boards of the London Stock Exchange, Unilever and BBVA.

Fanjul said he is eager to work with Cellnex CEO Marco Patuano (pictured, left) to “improve efficiency, secure growth and prioritise the return of capital to shareholders through dividend and share buybacks”.

Bouverot is a former director general of the GSMA and leaves the Cellnex chair role after just under 18 months. She is also leaving Cellnex’s board, after joining as in independent director in 2018.

Cellnex said Bouverot will now focus on “the task entrusted” by President of France, Emmanuel Macron, to serve as the Special Envoy for the Global AI Action Summit, due to be held in France in early 2025.

The tower company cited Bouverot’s role in overseeing changes in its corporate governance, appointing Patuano as CEO and redefining the group’s strategy during her tenure.

Cellnex’ board thanked Bouverot for her work over the past six years, which it stated had “undoubtedly been key” to its “growth and evolution to its current position of industry leadership in Europe”.