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El Corte Inglés President Marta Álvarez steps Down After six Years of Transformation
Madrid – Marta Álvarez is relinquishing her position as non-executive president of El Corte Inglés, handing the role to her sister, Cristina Álvarez, effective January 15th. Her six-year tenure was marked by navigating the profound disruption of the COVID-19 pandemic and implementing significant restructuring to adapt the iconic department store chain to the rise of e-commerce.
Álvarez assumed the presidency in 2019, a mere months before the pandemic forced a complete shutdown of El Corte Inglés stores. This crisis proved a defining moment,accelerating the need for cost-cutting measures and buisness adjustments. A key outcome was the largest layoff in the company’s history – an ERE (Expediente de Regulación de Empleo) impacting around 5% of its workforce – finalized through an agreement with unions in March 2023. She also oversaw a prior ERE resulting in the departure of 3,292 employees.
Throughout her leadership, Álvarez cycled through four chief executive officers. Victor del Pozo, initially retained upon her arrival, departed in March 2022. He was followed by a joint leadership structure with José Maria Pholache and Santiago Bau, then Gaston Bottazzini, who was dismissed less than a month ago.
To bolster executive oversight, Álvarez established an Executive Committee within the Board of Directors after del Pozo’s exit. This committee, responsible for “supervision of the executive and management bodies,” was dissolved in April 2024 as a gesture of confidence in Bottazzini.
Currently,Santiago Bau is once again serving as general director,tasked with executing the company’s 2025-2030 strategic plan,which includes a €3 billion investment in store renovations,business expansion,and logistical/technological development.
Despite the challenges, Álvarez is leaving El Corte Inglés - founded 85 years ago – positioned for growth, with debt levels brought under greater control. Her six-year mandate, though relatively short in the company’s history, has been a period of intense transformation.
