El Corte Inglés Shakes Up Leadership Amid Strategic Overhaul
El Corte Inglés, the prominent Spanish department store chain, is undergoing a significant executive leadership restructuring. The company has announced the departure of its CEO, Gastón Bottazzini, a little over a year after his appointment in July 2024. This decision, made by the group chaired by Marta Álvarez, reportedly stems from internal disagreements with the principal shareholder families. While initial reports by El Confidencial highlighted these internal tensions, the company officially confirmed Bottazzini's exit on Wednesday in a statement, noting it was "by mutual agreement."
During his brief tenure, Bottazzini was entrusted with leading the 2025–2030 strategic plan, which included a substantial €3 billion investment aimed at modernising the group’s shopping centres. His arrival also marked the disbanding of the delegated committee that had been overseeing management since Víctor del Pozo’s departure in 2022. Prior to his CEO role, Bottazzini had served as Marta Álvarez’s personal adviser before being named her right-hand man at last year’s general shareholders’ meeting.
Concurrently with these changes, the company’s general shareholders’ meeting approved a series of other crucial senior appointments. Santiago Bau has been named the new general manager of El Corte Inglés. Bau, who joined the company in March 2022 as corporate general manager, brings a robust academic background, holding degrees in law, business administration, and political science, along with an MBA from Harvard University. In his new capacity, he will assume direct responsibility for all the group’s businesses, encompassing both corporate and financial areas.
Additionally, Rafael Díaz Yeregui, previously the deputy secretary to the board, has been elevated to the position of secretary general of El Corte Inglés, at a general manager level. Díaz Yeregui, who joined the company in 2021, will now oversee the legal, sustainability, and human resources functions. Both Santiago Bau and Rafael Díaz Yeregui will report directly to the Board of Directors’ Monitoring Committee, which is chaired by Marta Álvarez and includes Cristina Álvarez and José Ramón de Hoces as members. Furthermore, the group announced that Álvaro Parrón has been appointed as the new head of its Real Estate division, succeeding Javier Catena.
These recent executive shifts are part of a broader period of significant change at the top for El Corte Inglés in recent years. The CEO position, for instance, had remained vacant following Víctor del Pozo’s departure until Bottazzini’s arrival. Similarly, José María Folache, who served as general manager, left the company in October 2024 after a brief transition period as he approached retirement. These leadership adjustments are occurring parallel to the group’s strategic roadmap for the next five years, which is sharply focused on digitisation efforts and the comprehensive renewal of its retail network.
Founded in 1940, the Madrid-based retail group, under the leadership of Marta Álvarez, reported a strong financial performance for its 2024 financial year. The company achieved a turnover of €16.675 billion, marking a healthy 2% increase compared to the previous year, demonstrating continued growth amidst its ongoing internal transformations.
