El Corte Inglés reshapes its management: dismisses its CEO and appoints a new managing director

The Spanish division retailer chain is restructuring its government management. El Corte Inglés has determined to half methods with CEO Gastón Bottazzini, barely a yr after his appointment in July 2024. The choice, by the corporate chaired by Marta Álvarez, follows inner disagreements with the group’s principal shareholder households, as first reported by El Confidencial and confirmed by the corporate on Wednesday in a assertion, which famous that his departure was “by mutual agreement.” Bottazzini had initially served as Álvarez’s private adviser earlier than being named her right-hand man finally yr’s common shareholders’ assembly.

Bottazzini took cost of the 2025–2030 strategic plan, which included a €3 billion funding to modernise the group’s buying centres. His appointment introduced in regards to the disbanding of the delegated committee that had overseen administration following the departure of Víctor del Pozo in 2022.

In addition, at its common shareholders’ assembly, the corporate made a sequence of senior appointments. Santiago Bau has been named the new common supervisor of the corporate, which he joined in March 2022 as company common supervisor. The government, who holds levels in regulation, enterprise administration, and political science, and an MBA from Harvard University, can have direct accountability for all of the group’s companies, in addition to the company and monetary areas.

Rafael Díaz Yeregui, till now deputy secretary to the board, has been appointed secretary common of El Corte Inglés at common supervisor stage. Díaz Yeregui, who joined the corporate in 2021, will take cost of the authorized, sustainability, and human sources capabilities. Both he and Santiago Bau will report on to the Board of Directors’ Monitoring Committee, chaired by Marta Álvarez and comprising Cristina Álvarez and José Ramón de Hoces as members. Finally, the group additionally introduced the appointment of Álvaro Parrón because the new head of its Real Estate division, changing Javier Catena.

In current years, the corporate has undergone a interval of great change on the prime. After the departure of Víctor del Pozo, the CEO place remained vacant till Bottazzini’s arrival, whereas José María Folache, then General Manager, Left the Company in October 2024, following a temporary transition interval, as he neared retirement. These modifications run in parallel with the group’s roadmap for the subsequent 5 years, targeted on digitisation and the renewal of its retail community.

Founded in 1940, the Madrid-based retail group, chaired by Marta Álvarez, closed its 2024 monetary yr with turnover of €16.675 billionrepresenting a 2% enhance on the earlier yr.