The board of directors of El Corte Inglés has approved the formation of a new executive committee comprising five members: the chairperson, two directors and two general managers.
Marta Álvarez will step in as the chairperson of the new executive committee, while the directors include José Ramón de Hoces and Javier Rodríguez-Arias.
The two general managers joining the committee are José María Folache González-Parrado and Santiago Bau Arrechea.
Chief executive of the company, Víctor del Pozo, has decided to leave the company, citing personal reasons.
The new structure aims to strengthen company management and promote its strategic plan within the framework of the best corporate governance practices, El Corte Inglés noted.
The company has appointed company executive Javier Rodríguez-Arias as its new director.
Elsewhere, José María Folache will take up the responsibility for the retail business, while Santiago Bau will be responsible for the company's existing businesses and creating new ones.
Folache is an experienced retail professional and served for four years (2009-2012) as head of purchasing at El Corte Inglés during the period chaired by Isidoro Álvarez.
Previously, he served as vice-president and CEO of Carrefour, and CEO of Tous, Parfois and Joyerías Suárez.
Bau Arrechea has extensive experience in financial management and investment banking.
He spent more than 15 years with Goldman Sachs, and, most recently, he served as a senior executive of the company.
In addition to the executive committee, the group has three other board committees: the audit and control committee, the appointments and remuneration committee, and the sustainability committee.
© 2022 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.