El Corte Inglés reshapes its leadership: CEO change and new managing director

The Spanish department store chain is restructuring its executive leadership. El Corte Inglés has decided to part ways with CEO Gastón Bottazzini, barely a year after his appointment in July 2024. The decision, by the company chaired by Marta Álvarez, follows internal disagreements with the group’s principal shareholder families, as first reported by El Confidencial and confirmed by the company on Wednesday in a statement, which noted that his departure was “by mutual agreement.” Bottazzini had initially served as Álvarez’s personal adviser before being named her right-hand man at last year’s general shareholders’ meeting.

Bottazzini took charge of the 2025–2030 strategic plan, which included a €3 billion investment to modernise the group’s shopping centres. His appointment brought about the disbanding of the delegated committee that had overseen management following the departure of Víctor del Pozo in 2022.

In addition, at its general shareholders’ meeting, the company made a series of senior appointments. Santiago Bau has been named the new general manager of the company, which he joined in March 2022 as corporate general manager. The executive, who holds degrees in law, business administration, and political science, and an MBA from Harvard University, will have direct responsibility for all the group’s businesses, as well as the corporate and financial areas.

Rafael Díaz Yeregui, until now deputy secretary to the board, has been appointed secretary general of El Corte Inglés at general manager level. Díaz Yeregui, who joined the company in 2021, will take charge of the legal, sustainability, and human resources functions. Both he and Santiago Bau will report directly to the Board of Directors’ Monitoring Committee, chaired by Marta Álvarez and comprising Cristina Álvarez and José Ramón de Hoces as members. Finally, the group also announced the appointment of Álvaro Parrón as the new head of its Real Estate division, replacing Javier Catena.

In recent years, the company has undergone a period of significant change at the top. After the departure of Víctor del Pozo, the CEO position remained vacant until Bottazzini’s arrival, while José María Folache, then general manager, left the company in October 2024, following a brief transition period, as he neared retirement. These changes run in parallel with the group’s roadmap for the next five years, focused on digitisation and the renewal of its retail network.

Founded in 1940, the Madrid-based retail group, chaired by Marta Álvarez, closed its 2024 financial year with turnover of €16.675 billion, representing a 2% increase on the previous year.