Isidoro Álvarez Álvarez, president of the English Court and the Board of the Ramón Areces Foundation since 1989, died early in the afternoon in Madrid at age 79, as reported by company sources. Alvarez had entered the Puerta de Hierro hospital in the capital since last Wednesday of respiratory failure.
Doctors said Friday that Alvarez had experienced improved, but his health worsened daily below and not exceeded this new crisis.
The chapel this afternoon in Madrid installed in the Fundación Ramón Areces , located on the street Vitruvius number 5, the company reported in a statement. It will be open 20 am to 22 pm and Monday from 10 to 14 hours.
The employer is considered one of the great Spanish experts in commercial distribution, after more than 60 years of work in the department store chain and 25 of them as CEO. Responsible for the expansion of the brand, with the purchase of Atlantico Department and creation of new centers, and diversification from entering the food sector with its different brands of hypermarkets, the travel agencies, computer and stores teen clothing made from that store that revolutionized central Callao Madrid street a group with a turnover of 14,000 million euros.
In August, presided (unknowingly) his last General Meeting Shareholders, which announced a profit of 174.3 million euros, 6.2% higher than the previous year and sales of 14.292 million, lower by 1.8% compared to fiscal year 2012, which context of six consecutive years of falling sales in retail could talk about positive exercise.
A few years of falling sales in the sector, however, did not affect equally hard on the income statement of the Inditex group, with brands such as Zara and Massimo Dutti. Mindful of industry evolution, innovation and competition, about three years ago that Isidoro Álvarez left his office to go incognito, the four floors that housed the Zara store on the street Serrano Madrid, just in front of the new open this year, to address the success of Amancio Ortega to the decline of El Corte Ingles, representing 59% of total group sales.
In the best Board announced on August results had much to do the agreement of sale to Santander 51% of your financial. A strategic alliance agreed with Emilio Botin, still president of the company who died on the very day that Alvarez was admitted to a Madrid hospital suffering from respiratory failure.
El Corte Ingles wait a few days to appoint a new president of the company . Sources from the company explained that, unlike what happened in a few hours with Ana Patricia Botin Banco Santander, El Corte Inglés in no hurry to undertake a relief since the company is unlisted and is not subject to the vagaries of the markets.
A year ago, Alvarez appointed his nephew Dimas Gimeno Alvarez as executive director for of the firm. The movement is then interpreted as a sign of the president of the English Court to his nephew, who began his career as a salesman when I was in college. Later he joined the Central Services of the company in Madrid, where he has gone through various departments and functions that have enabled him to acquire a knowledge of the whole group.
Gimeno emerges as one of the people most likely to be appointed chairman by the board of directors of the business group. He graduated in Law from the Universidad San Pablo CEU and has a Masters in Private Law from the same university and an MBA from IESE Business School.
Another strategic move by Isidoro Alvarez was appointed in July to Manuel Pizarro below , a position newly created in the traditional organization of the group, and on August 31, the date of holding the General Meeting of Shareholders, the former president of Endesa, and was designated Ibercaja Ceca like counselor , the ninth in the table sharing advice Dima Gimeno (general director), Leopoldo del Nogal, Juan Hermoso, Florencio Lasaga, Carlos Martínez, Paloma García (representing Portfolio Manacor) and Carlota Areces (representing Ceslar Corporation).
Pizarro will have to address the debt refinancing of the group and the management anticipates a new era in the history of the English Court. “Today you are employees and shareholders of a better company and able to face the future that, year to year, has increased its heritage has kept their dues Market and has a high customer loyalty . ” Words that made balance management after collecting the baton from Ramón Areces, founder and now are seen as his farewell.
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