Víctor del Pozo, until now CEO of El Corte Inglés, is leaving the company at his own request for personal reasons, as reported by the department store firm on Monday. Del Pozo, who has held the position for the last five years, had been re-elected just two months ago to continue in the position until 2027. In addition, the group’s board of directors has unanimously approved the creation of a delegated executive committee that will be made up of by five members and that will give more executive leadership to the president, Marta Álvarez.
The departure of the former CEO comes as a surprise, especially after his recent renewal. He assumed the position in October 2017, then shared with Jesús Nuño de la Rosa, at the time the group took the executive functions from Dimas Gimeno. According to close sources, he was not comfortable with the new structure created by El Corte Inglés or with the signings of the firm, which in practice meant taking away power, both due to the involvement of Marta Álvarez as president of the executive committee and due to the incorporation of two managing directors for the group’s businesses. The company is also in a process of preparing for its IPO, as it also agreed with the Mutua Madrileña insurance group in its entry into the capital.
The recently announced commission will be the highest executive body of the company: it will be commanded by Marta Álvarez, president of the company’s board of directors. In addition, the director general secretary and secretary of the board of directors, José Ramón de Hoces, and Javier Rodríguez-Arias, who has been appointed new director of El Corte Inglés by co-option, will also belong to it. There will also be two new signings as general managers: José María Folache, who rejoins the management team of El Corte Inglés to direct the businesses of retailand Santiago Bau, who will assume the corporate business.
In this way, the group recovers a structure of double general management, as already happened with Del Pozo himself and Nuño de la Rosa, who were both CEOs. Del Pozo did not have full management control in his hand until the beginning of 2020, when he left the De la Rosa firm with Marta Álvarez at the head of El Corte Inglés.
“The new structure aims to strengthen the management of the company and promote the board’s strategic plan within the framework of the best corporate governance practices. The board of directors considers that, in response to the new scenario that has emerged after two years of great complexity in the macroeconomic environment, it is necessary to open a stage that responds to the challenges of the future with a renewed team of professionals specialized in the different areas covered. the group”, assures El Corte Inglés in a statement. The delegated executive committee joins the three existing board committees: the audit and control committee, the appointments and remuneration committee, and the sustainability committee.
Among the new incorporations, Folache has extensive experience in the retail, worked between 2009 and 2012 as purchasing manager in the stage chaired by Isidoro Álvarez. And he has been vice president and CEO of Carrefour, as well as CEO of Tous, Parfois and Suárez Jewelry. Bau, for his part, has a degree in Business Administration and Management and Law from ICADE, a degree in Political Science and Sociology from UNED, and an MBA from Harvard University. For the last 15 years he has been a senior executive at Goldman Sachs investment bank and has extensive experience in financial management and investment banking.
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