Marta Alvarez-Guil is looking to be renewed as non-executive president of El Corte Inglés
What: El Confidencial reviews the recent management history at El Corte Ingles and how Marta Alavarez has managed to guide the group through the crisis.
Why it is important: As El Corte Ingles is eyeing IPO management is ever evolving in order to prepare the group for the next step.
Marta Álvarez-Guil is preparing for her renewal as the non-executive president of El Corte Inglés, five years after her initial appointment in July 2019. Despite early doubts about her management experience, she has steered the company through significant challenges, including the pandemic which threatened the very model of department stores. Contrary to predictions from consulting firms like McKinsey that department stores might disappear, companies like El Corte Inglés have rebounded, demonstrating resilience and adaptability to both physical and online retail environments.
The tenure of Álvarez-Guil has seen major restructuring and layoffs, particularly targeting about twenty unprofitable stores. Despite these challenges, the company is expected to announce historic operational results in the coming weeks, signaling a successful turnaround.
Additionally, the narrative of El Corte Inglés under Álvarez-Guil includes the departure of three significant executives: Dimas Gimeno, Jesús Nuño de la Rosa, and Víctor del Pozo, each facing varied fortunes post-departure. Gimeno is struggling with his new venture, WOW, a commercial center concept, while Nuño de la Rosa is navigating financial difficulties at Air Europa. Del Pozo has shifted to a role at MasOrange, focusing on innovation and alliances following a significant merger in the telecommunications sector.
These leadership changes reflect a broader trend of transformation within El Corte Inglés, mirroring shifts in other major companies like Inditex, which also saw leadership changes with Marta Ortega taking the helm. As Álvarez-Guil approaches the potential public listing of El Corte Inglés, she faces pressures from shareholders and must define a new executive team, signaling ongoing evolution and adaptation in her leadership approach.
