Santiago Bau becomes the new director of El Corte Inglés

El Corte Inglés is revising its management structure with immediate effect: following the departure of CEO Gastón Bottazzini, Santiago Bau has been appointed managing director, while other changes are also taking place elsewhere.

Successor quickly appointed

Yesterday, it was announced that the Spanish retailer was parting ways with its CEO, just fifteen months after his appointment. Today, El Corte Inglés officially confirmed the news: “After a period of reflection by both parties, Gastón Bottazzini is leaving the company by mutual agreement,” the statement reads. The company immediately appointed a successor: Santiago Bau, who made the switch in March 2022 after a long career at investment bank Goldman Sachs. He will have direct responsibility for all business activities, including corporate and financial policy, and will report to a supervisory committee chaired by Marta Álvarez.

Shifts are also taking place elsewhere. El Corte Inglés has appointed Rafael Díaz Yeregui, also a former investment banker, as secretary general of the company, responsible for the legal, sustainability, and human resources departments. He joined the company in 2021. In addition, the board has appointed Álvaro Parrón as director of the real estate division, replacing Javier Catena, who is also leaving.

Despite the many changes at the top in recent years, the retailer’s results have remained stable. In the last financial year, which ended in February, El Corte Inglés achieved a turnover of 16.675 billion euros, 2% more than a year earlier (+4.3% on a comparable basis), and a net profit of 512 million, an increase of 6.7% year-on-year.