Jesús Nuño de la Rosa, ‘number three’ of El Corte Inglés, leaves the company

Jesús Nuño de la Rosa, former president and current executive advisor of El Corte Inglés, has abandoned all his positions in the company after the disagreements held with the president, Marta Álvarez. For its part, the group has announced that it leaves the position voluntarily after an agreement with Álvarez herself.

After this decision, Marta Álvarez, daughter of former president Isidoro Álvarez, who died in 2014, non-executive president and reference shareholder of El Corte Inglés, takes full control of the group. Together with her sister Cristina, she controls 69% of the Iasa Securities Portfolio, the company's first shareholder with 22% of the capital. However, it also has control over the Ramón Areces Foundation, which owns another 37% of the group, which guarantees the majority of the shareholders.

The Álvarez sisters forced in 2018 the relief in the presidency of their cousin Dimas Gimeno, as well as their departure from the board of directors. Although at first the possibility was raised that Marta Álvarez could assume the presidency, it was finally decided to professionalize the group and bet on a house executive to fill the position. Thus, De la Rosa, who was already CEO, was appointed president of the department store giant in August 2018, but remained just one year in office.

In June 2019, the group decided to place Marta Álvarez at the head of the company and although she agreed to keep De la Rosa despite her salary and even the agreed compensation, of an amount of about six million euros, tensions were increasing .

De la Rosa criticized that he would not have been allowed to execute the plans put in place for the professionalization of the group or a restructuring plan that would have meant the closure of approximately twenty centers.

After the appointment of Marta Álvarez as head of the group as president, Nuño de la Rosa remained as president of the subsidiaries of Travel, Insurance, Financial and Information Technology, now sold. The resignation has also abandoned his responsibility for such subsidiaries.