The Areces Foundation appoints Cristina Álvarez as president, also president of El Corte Inglés

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The Board of Trustees of the Ramón Areces Foundation has appointed Marta Álvarez, president of El Corte Inglés, as its new president, according to the foundation in a statement. Sources from the warehouse group have explained to this newspaper that this appointment has been made thinking about the future of both organizations. It should be remembered that the Areces Foundation is the largest shareholder in El Corte Inglés, with 37.4% of the capital.

Specifically, this appointment is based on a proposal made by the vice president of the foundation and Marta’s sister, Cristina Álvarez, which has been unanimously endorsed by all the trustees of the Foundation.

In this way, Marta Álvarez takes over from veteran Florencio Lasaga, who remains a trustee of the Ramón Areces Foundation, from which Dimas Gimeno, Carlos Martínez Echevarría and Jorge Pont have been dismissed in the last month.

With the appointment of Marta Álvarez, the entity once again assumes the position of president of El Corte Inglés and the Ramón Areces Foundation in the same person, as had previously happened with Ramón Areces and Isidoro Álvarez.

In this way and after this designation, the company is given stability in the face of future projects of both institutions, in addition to provide shareholding stability vis-à-vis the financial entities, clients, employees and suppliers of the group.

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