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El Corte Inglés appoints Nuño de la Rosa as new chairman
Spanish department store group El Corte Inglés put an end on Thursday to a long-running battle for the leadership of the company. The board of directors has decided to replace current chairman Dimas Gimeno with Jesús Nuño de la Rosa.
According to newspaper Expansión, the board unanimously voted for the dismissal of Gimeno. Nuño de la Rosa is a friend of the Álvarez sisters and heirs of the company, who tried to force Gimeno’s departure by proposing a censure motion against him earlier in May.
De la Rosa has spent decades at the Spanish retailer, holding the role of director of the travel division from 1998 until 2017, when he joined the board of directors. He has a degree in Economics and Business Administration from the Complutense University of Madrid. Commenting on his appointment, he thanked the board for the trust bestowed in him, reported Expansión.
El Corte Inglés said in a press release, seen by the Spanish newspaper, that its board of directors had considered a change of leadership necessary to face future challenges and drive a new stage of growth.
Meanwhile, Gimeno will remain as a member of the board until a shareholder meeting in August. The executive had said on Wednesday he would challenge the board if it decided to dismiss him, and what exactly he plans to do next is still unknown. According to reports, he proposed an extraordinary board meeting on 12 July to set out a transition plan and talk about a possible stock market debut.
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