Spain’s largest retail chain, El Corte Inglés, has undergone a major shake-up in its leadership. The company’s board of directors convened on October 29, 2025, to decide the fate of CEO Gastón Bottazzini. The meeting ended with his dismissal—a move that came as a surprise even to some board members.
Bottazzini, an Argentine executive, took the helm of the company just a year ago, after being personally invited by the holding’s president, Marta Álvarez. Initially, he served as an advisor and, after a successful probationary period, took charge of El Corte Inglés’ executive operations. He was entrusted with implementing an ambitious development plan through 2030, including a €3 billion investment to modernize stores nationwide.
However, internal disagreements among the company’s main shareholder families were growing. It was these conflicts that ultimately led to Bottazzini’s sudden departure. Even though he was given broad powers and oversight by the delegated committee was lifted, the board remained divided. Some members were caught off guard, as the relationship between Álvarez and Bottazzini had seemed solid.
Before joining El Corte Inglés, Bottazzini led the Latin American retailer Falabella, where he successfully implemented digital solutions. His appointment in Spain was marked by management reshuffles: the head of retail, José María Folache, was dismissed, and the head of real estate and logistics, Javier Catena, left the company of his own accord.
Bottazzini’s departure came at an extremely tense moment for El Corte Inglés. Ahead lies the period when the company traditionally earns nearly half of its annual profits: the Black Friday sales season and the Christmas holidays. Despite frequent changes in top management since 2018, El Corte Inglés is currently showing record financial results and has received an investment-grade credit rating for the first time. This success is credited to Marta Álvarez’s leadership and the support of former Goldman Sachs banker Santiago Bau.
