El Corte Inglés sets up a new management structure

The Board of Directors of El Corte Inglés, at a meeting held in Madrid this morning, has unanimously voted in favour of the creation of an Executive Committee made up of five members:  the chairwoman, two directors and two managing directors.

This new steering committee, which will constitute the company’s highest executive body, will be chaired  by Marta Álvarez Guil, who likewise chairs the Board of Directors of El Corte Inglés. The new committee will also be made up of the director, general secretary and Board secretary, José Ramón de Hoces Íñiguez, Javier Rodríguez-Arias Ambrosini, who has been newly appointed to the Board of Directors of El Corte via co-option, and two new managing directors: José María Folache González-Parrado, who is rejoining El Corte Inglés’ executive team, and Santiago Bau Arrechea.

José María Folache will run the retail businesses and Santiago Bau will head up the existing and any newly-created corporate businesses. They will both report directly to the Executive Committee.

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

In addition to the new Executive Committee, the Board of Directors is guided by three other committees: the Audit and Control Committee, the Appointments and Remuneration Committee and the Sustainability Committee.

The company’s CEO until now, Víctor del Pozo Gil, is leaving the company at his own request, for personal reasons, having served as the chief executive of El Corte Inglés for the last five years.

José María Folache González-Parrado, who brings extensive experience in the retail sector, headed up the Purchasing area for four years (2009-2012) when the company was presided by Isidoro Álvarez. He has also worked as vice-president and CEO of Carrefour and CEO of Tous, Parfois and Joyerías Suárez.

Santiago Bau Arrechea holds a dual law and business studies degree (E-3) from ICADE, a degree in political science and sociology from UNED and an MBA from Harvard University. He is joining El Corte Inglés from a senior management position at Goldman Sachs, where he has been working for the last 15 years. He brings deep expertise in financial management and investment banking.