El Corte Inglés sets up a new management structure

What: El Corte Ingles’ new structure has been designed to reinforce the company’s management and facilitate the execution of the Strategic Plan, framed by best corporate governance practices.

Why is it important: The Board of Directors believes that, in response to the new scenario emerging in the wake of a highly complex macroeconomic environment, it is time to embark on a new phase to tackle the challenges that lie in store with a fresh team of professionals with expertise in the various areas to be pursued by the Group. 

Víctor del Pozo, CEO for the last five years, is stepping down from the company at his own request, for personal reasons.

The group is setting up a new Executive Committee on which its chairwoman, Marta Álvarez, directors José Ramón de Hoces and Javier Rodríguez-Arias, and two managing directors, José María Folache and Santiago Bau will sit. 

Javier Rodríguez-Arias, one of the company’s executives, has been newly named director; José María Folache will take over the running of the retail business; and Santiago Bau will assume responsibility for the corporate and new businesses.