As expected, the supervisory board of El Corte Inglés, Spain’s large department store chain and the country’s second largest sporting goods retailer, has appointed Dimas Gimeno Álverez as the new president of the company. He is the nephew of and now successor to Isidoro Álvarez Álvarez, who passed away last Sunday. The decision did not come as a surprise, as reported in this blog on Monday, after his uncle had named him, back in the summer of 2013, as general director, a new position which was created for the 38-year-old. The appointment takes the company into its third generation of operations leaders. The late Álvarez, in 1989, took over from his uncle, Ramón Aceres, who founded the chain in 1935.
It is said that Álvarez held 15 percent of the chain’s shares, and another 60 percent was held by the foundation Ramón Aceres in which Álvarez was also very much involved. It was therefore only logical that the controlling majority would opt for a family solution to the succession of the former boss. However Álvarez also made sure there would be support for his nephew from outside the clan. Just last July, he chose Manuel Pizarro as vice president and chief financial officer. Pizarro used to be the chief of Endesa, a large energy supplier in Spain.