The Board of Directors of the English Court yesterday appointed new chairman of distribution Dimas Gimeno Alvarez, who succeeds her uncle Isidoro Alvarez, died Sunday at age 79.
Gimeno, until now executive director for El Corte Ingles, sounded for years as a natural successor to Alvarez and his appointment continues the tradition of the group, which in its nearly 75-year history has the presidency always passed from uncle to nephew.
The new president enters the office with the challenge of improving the situation of the company in Spain, which has been affected by the fall in consumption by the crisis and the entry into the market of new competitors and the phenomenon low cost low- -prices.
In addition, you must comply with the mandate that her uncle has sent the group policy during the Meeting held in late August: internationalize the department store El Corte Ingles and seek alternative sources of funding as bond issuance.
In the latter, have the support of director Manuel Pizarro, who recently joined the group as an adjunct to the presidency with skills in the financial area.
Gimeno and Pizarro to good effect in the counsel of the giant distribution Leopoldo Walnut Wardrobe, Juan Hermoso de Armada, Florence Munárriz Lasaga, Carlos Martinez Echevarria, Paloma García Peña and Carlota Areces Galán.
In August last year, Gimeno was appointed general manager of the English Court, a position newly created outlining him as dolphin Alvarez, who became president of the group in 1989 after the death of his uncle and company founder, Ramón Areces. In 1966, Areces “inherited” the president of his uncle César Rodríguez, who endorsed him in 1935 to buy the store that gave rise to the English Court and in 1940 formed the society that emerged giant distribution.
Born in Madrid in 1975 and a law degree from the Universidad San Pablo CEU, the new president of the English Court completed her education with a master’s degree in private law from the same university and an MBA from the school IESE Business. Gimeno, sounding for years as dolphin Alvarez, has spent his entire career in the El Corte Inglés Group, where he started as a salesman in Madrid’s central Castellana in Section Shirt, employment he combined with his studies, focused Law and business world.
In 2000, he joined the headquarters of El Corte Ingles in Madrid, where he passed through different areas and acquired knowledge of the overall functioning of the group.
A year later moved to Lisbon (Portugal) to assist in the opening of the first outside Spain Corte Inglés. The company opened a department store in 2006 in Porto, whose direction went to Gimeno. In 2008, he returned to Headquarters and subsequently joined the Sales Management. In 2009, he was appointed to the Board of the Ramón Areces Foundation and in 2010 was appointed director of the English Court. Since August 2013, this office made compatible with the general director of the group, a position he also held before relieving Álvarez Areces as president of the group.
Your experience will no doubt Portugal will resume plans to deploy outside the department store El Corte Ingles which were cut short by the outbreak of the crisis, while negotiating his landing in Italy.
In parallel, Gimeno should strengthen the group in Spain, where it has lost ground during the crisis hurt by the fall in consumption and the emergence of low-cost competitors qualified and have forced the company to lower its prices.
In addition, should seek alternative funding for the company, whose debt is around 5,000 million euros and last year issued bonds for the first time in its history, and sold 51% of its finance division to the bank Santander.
Currently, the English Court employs about 93,000 people, which the 20,000 employees of partner companies working in their centers must be added. With department stores bearing his name at the top of the results, the group has diversified over the past decades with the opening of new businesses as Hipercor, Viajes El Corte Ingles Supercor Bricor or Sfera. In its last fiscal year, the English Court of turnover of 14.291 million euros, 1.8% less, and a net profit of 174.35 million, 6.2% more.
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