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The Council of the English court debates the dismissal of President Dimas Gimeno

The Álvarez Guil sisters have a majority to unhorse their cousin from the Department of department stores

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The Council of the English court debates the dismissal of President Dimas Gimeno

The Board of Directors of English court meets this midday in an extraordinary way to vote dismissal of president, Dimas Gimeno. On agenda of meeting, convened last Tuesday by Secretary of Council, Antonio Hernández-Gil, re is only approval of minutes of previous meeting, cessation of Gimeno and appointment of his substitute, who could be one of current directors Delegates, Jesús Nuño de la Rosa. In principle, dismissal of Gimeno has support of seven of 12 directors of group, starting with sisters Marta and Cristina Álvarez Guil, daughters of Isidoro Álvarez and with majority in group's capital.

The Álvarez sisters, openly confronted with ir cousin, have in principle secured ir dismissal, since y have vote in favor of seven advisers: The two sisters, Florencio saga, Carlos Martínez Echavarría, councillors delegates Jesús Nuño de The Rose and victor of Well, and Paloma Garcia. The independent Manuel Pizarro and representative of Sheikh Riyal Al Thani, have not announced ir vote.

More information
  • The English court convenes two extraordinary councils to discuss president's continuity
  • The Council of English court presses Gimeno to convene a meeting to vote for his removal
  • Dimas Gimeno calls for incorporation of more independent directors in English court
  • It's autumn in English court

However, fact that re is a second council convened by Gimeno for 12th of July created on Tuesday confusion because celebration that second meeting should not take place if current president is dismissed this Thursday. The legal services of company study wher such a call has any legal support.

In any case, if dismissal of Gimeno materializes, it would mark a milestone in 83 years of life of company of department stores, since it would be first time that a president is derided of post and first one in which it would be aupado in front of company — if end The Chosen one is Nuño de la Rosa — to someone who does not belong to founding families.

The background of removal is clash between Gimeno and his cousins, Álvarez Guil sisters. Gimeno was chosen by his uncle Isidoro Alvarez as president and trained him for years to do so, leaving his daughters apart. However, y have a majority in shareholding and, after death of ir far, in 2014, y have asserted that majority to have a more important role in becoming of one of largest companies in Spain. Last fall, ir cousin was removed from executive functions, naming two CEOs. Now y want to remove it definitively, although Gimeno has fought at all times against its cessation. Moreover, among family re are divergences on inheritance of Isidoro Álvarez and lawsuits filed by management of that inheritance and or movements that have to do with actions.

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