Marta Álvarez leaves the presidency of El Corte Inglés after renewing her mandate in July and is changed by her sister | Economy | EUROtoday

Marta Álvarez leaves the presidency of El Corte Inglés. The board of administrators of the division retailer group at this time accepted his resignation from the place, in addition to the appointment of the one that will exchange him. This is none aside from her sister Cristina, as reported by the corporate in an announcement.

In it, El Corte Inglés particulars that Marta Álvarez has determined to depart her place by “personal and voluntary decision.” Of course, the one who has been president of the group since 2019 doesn’t depart the board of administrators, on which she’s going to proceed to occupy a seat. He will even proceed as a member of the monitoring committee, and can direct the personal manufacturers, trend and residential space.

In lower than a month, the distribution group, which has nearly 15,000 million euros in annual turnover, has introduced the dismissal, first, of its CEO, Gastón Bottazzini, and now the alternative of its presidency. All of this simply three months after approving, on the shareholders’ assembly final July, its new 2025-2030 strategic plan. At that very same assembly, Marta Álvarez renewed her mandate for 5 extra years. It has solely lasted 4 months.

The aforementioned strategic plan, which foresees investments of three,000 million euros till 2030, will now be developed with out the CEO who designed it, Bottazzini himself, nor the president who endorsed it. On the opposite hand, it is going to be developed by a brand new president and by a primary government, Santiago Bau, with the rank of basic director.

Cristina Álvarez, for her half, shall be president in a non-executive capability, a place to which she’s going to tackle subsequent January 15, one thing that the corporate defines as an “orderly, stable and continuous” framework. His appointment has been unanimously accepted by the group’s board of administrators. She got here to the governing physique in 2015, after the loss of life of her father. Like his sister, he beforehand held totally different positions throughout the group, though he doesn’t have government expertise.

“With everyone’s efforts we have achieved great results, which have allowed the company to face the future with guarantees, always with the customer at the center, and relying on the daily work of all the people who are part of our company,” says Marta Álvarez within the assertion despatched by El Corte Inglés.

In it, he says that the corporate has “a new management team prepared to achieve the objectives set in the 2025-2030 Strategic Plan.” He provides that “the time has come to open a new stage in the presidency.”

Marta Álvarez arrived on the place in July 2019, changing Jesús Nuño de la Rosa. She did it a yr after settling the battle that each she and her sister Cristina, daughters of the historic president Isidoro Álvarez, fought with their cousin and former president of the group, Dimas Gimeno. His appointment six years in the past was understood as the tip level to that inner warfare and the opening of a interval of larger stability.

This has been the case for the reason that presidency, though government modifications have been fixed within the final six years. Under the mandate of Marta Álvarez, El Corte Inglés has had three totally different CEOs and an government committee in command of the day-to-day operations of the corporate. The first had been Víctor del Pozo, Jesús Nuño de la Rosa himself, who returned to that government place after his time as president; and Gastón Bottazzini, who barely stored his place for simply over a yr.

“Cristina has my full support from the board and the monitoring commission, to continue working for this company, to which I have dedicated practically my entire professional life,” says Marta Álvarez. Both sisters maintain 18.4% of the capital of El Corte Inglés by the corporate Cartera de Valores IASA, through which they share shares with their uncle, César Álvarez, brother of Isidoro Álvarez. The firm’s first shareholder is the Ramón Areces Foundation, with about 40% of the shares. Marta and Cristina Álvarez are, respectively, its president and vice chairman. The presidency of the identical often falls to whoever presides over El Corte Inglés, so Cristina Álvarez will predictably maintain that place.

Under the six years of his sister Marta’s management, the corporate has been in a position to enhance its working and debt figures. In 2024, the corporate earned 512 million euros, 65% greater than in 2019, with an EBITDA of 1,209 million, the very best since 2007. Debt has additionally been diminished to the bottom degree in 17 years, and the group has loved funding grade standing from score businesses for 2 years, after endeavor a deep actual property divestment plan.

Half-year outcomes

This optimistic development continues in fiscal yr 2025. The firm has introduced its semi-annual outcomes, which present a ten.3% enhance in internet revenue, of 224 million; and an EBITDA of 539 million, 3.8% extra.

The turnover between March and August, months that comprise its first half, was 7,032 million euros, 1.6% higher. Of these, 5,655 million corresponded to basic business exercise, which remained on the identical degree because the earlier yr. At a comparable degree, the rise is 1.2%. The monetary debt stood at 1,738 million on the finish of August, 10% lower than a yr earlier than.