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The English court reshares power between two new CEOs

Dimas Gimeno will continue as president of the Council while Víctor del Pozo and Jesús Nuño de la Rosa assume executive functions together

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The English court reshares power between two new CEOs

The English court will have two CEOs. The company of department stores frame this change in internal modernization that is carrying out to comply with rules of management and good government with same rigour as if it were a quoted company. The governing body today unanimously approved appointment of Víctor del Pozo and Jesús Nuño de la Rosa. Power will be divided, which has been divided into two large areas. Dimas Gimeno, who since death of Isidoro Álvarez was president and CEO, will now be president of Council.

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  • The Ramón Areces Foundation, first shareholder of El Corte Ingles, renews Board of Trustees

"Del Pozo will serve as CEO of department store, and Nuño de la Rosa shall take care of corporate areas and group's subsidiaries. Both will assume executive powers and report directly to Board of directors. The English court decides in this way to separate functions of President and CEOs, in line with best practices of corporate governance, a path that has already begun with creation of delegate Commission and Audit and Control Commission, and that now It continues with appointment of two CEOs. The figure of Chairman of council or Chairman is increasingly common in large national and international companies to facilitate separation of powers and to provide greater transparency and control, company justifies.

The management organs of English court were always peculiar. During Isidoro Álvarez's tenure, company's advisors were executive advisors. In fact, as stated in Mercantile register, y had position of "councilors of solidarity Stewards". In October 2013, for example, y had that position Isidoro Álvarez, Juan Hermoso Armada, Florencio saga, Anseo Martínez Echavarría, Dimas Gimeno and Leopoldo del Nogal.

Dimas Gimeno, President of Council, before shareholders meeting held in August Inma Flores

However, until death of Isidoro Álvarez, company did not consider having a CEO in manner of listed companies and it was Dimas Gimeno who assumed that position, toger with President. Now company passes that charge to two executives, who will deal with it. Víctor del Pozo and Jesús Nuño de la Rosa, both directors formed in house, were already directors of company, as y were named this year.

The group ensures that new appointments provide "with greater flexibility to face a new stage of growth and optimize management of two large areas that compose group".

Two directors formed within

Víctor del Pozo (Madrid, 1966) is an economist, computer engineer and has an MBA from Instituto de Empresa. He has held various positions of responsibility in English court and since last February he was general manager of retail, as well as counselor. "Patron of Ramón Areces Foundation since December 2016, is a great connoisseur of group and an expert in world of food and especially in online business," says English court.

For his part, Jesús Nuño de la Rosa and Coloma (Madrid, 1963) has a degree in economics and business Sciences from Complutense University of Madrid. He has developed his entire professional career in El Corte Ingles, a company he is director general from 1998. Nuño de la Rosa is also patron of Ramón Areces Foundation. "It has been notable for its knowledge of financial, hotel and tourism sector and international markets, as demonstrated by wide network of English-language trips in various countries around world," company said.

The English court recorded sales in its last year, which ended on February 28th, 2017, worth 15,504,600,000 euros, almost 2% more than previous year. The Group of stores and department stores thus achieved largest turnover in five years. Its profit grew 2.4%, up to 161.9 million euros, largest in three years, but far from more than 380 million recorded in 2008, before recession and consumption crisis that went through Spain. The group has about 91,700 direct workers.


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