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The Council of the English court dismisses Dimas Gimeno as president

The counselors have appointed Jesús Nuño de la Rosa as new president, so far chief Executive Officer

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The Council of the English court dismisses Dimas Gimeno as president

The Board of directors of El Corte Ingles has approved dismissal of Dimas Gimeno as president of company on Thursday. In addition, Council has decided to appoint Jesús Nuño de la Rosa, so far as CEO, as president. The company's governing body has considered it necessary to change leadership in order to face challenges of future and to promote a new stage of growth, " company says in an official statement.

The English court points out that Jesús Nuño de la Rosa has a wide and extensive experience in world of business and finance, "which will allow him to face new challenges of group." It replaces Dimas Gimeno, who took office in September 2014.

Gimeno convened through Secretary of Council, Antonio Hernández-Gil, anor board of directors for 12th of July, whose celebration is in air waiting for if Gimeno decides to challenge meeting today. In any case, on agenda of call was, in addition to its dismissal, anor series of points that it considers transcendent for company as audit on Department of Security and exit to Bolsa.

In particular, point two includes request for "a legal report on compliance with requirements for convening of governing body, legal consequences and need to adapt company to rules of good governance". In three it asks "an agreement on Constitution of mandatory appointments and Remunerations Committee in accordance with provisions of article 47 of Social statutes". It is point five in which it raises an "analysis of actions carried out and to carry out in relation to allegations on irregular practices in different areas of business of company" and position of Council "based on its idelegables competences on Company's strategy for next few years and, especially with possible exit to stock market. "

Before war of calls for advice was unleashed, Gimeno met with Nuño de la Rosa to try to bring positions, without success. Thereupon, Secretary of Council, Antonio Hernández-Gil, launched call. In this situation, attorneys of Gimeno have considered that it was necessary for him to exercise his authority and convene anor council.

Four years of President

Gimeno was appointed president in September 2014 after death of his uncle Isidoro Alvarez, far of sisters Álvarez Guil, who in turn entered board of directors and board of Fundación Ramón Areces, main shareholder of group. Gimeno had been chosen to hold office for years, in which he played various roles and reached director general and entered board of directors.

During first three years of its mandate differences between president and two premiums did not manifest explicitly. Until October 2017, majority of Council decided to remove executive functions and appoint two CEOs. At that moment conflict broke out, in which old guard of company executives stood on side of sisters.

Meanwhile, appeared two anonymous sent to Gimeno and saga in which he told a series of allegedly fraudulent actions of Department of Segurdidad of large stores that he put on table and encragó an audit to EY. The results of this audit, which could involve company's previous managers, are not yet known.

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