El Board of Directors of El Corte Inglés The company has given the green light to a top-level change in leadership at the group. At the suggestion of Marta Álvarez, the outgoing CEO, the company has appointed her sister. Cristina Álvarez as the new non-executive president, in a transition agreed upon and unanimously approved.
The change will take effect on January 15, 2026 And it comes after more than six years of Marta's leadership of the flagship department store in Spain. Despite stepping down as president, Marta Álvarez will continue to be very present in the group's power structure and will concentrate its work on key business areas such as own brands, fashion and home.
A sisterly handover with a focus on continuity
The move wasn't on the table a few months ago, since Marta Álvarez had renewed her mandate for five years in July.But the board itself has decided to bring the change forward. In a letter sent to shareholders, it explains that, after consolidating a strong executive team and putting the financial situation on track, it believes that “The time has come to open a new chapter” with her sister in the lead.
The handover has been presented as a process “orderly, stable and continuous”There is no abrupt shift or break with the path followed until now, but rather a passing of the torch within the same founding family. In fact, All internal sources emphasize the rapport between Marta and Cristina in the group's strategic decision-making.
The new president will assume a position of a non-executive natureThe day-to-day management and operational power of El Corte Inglés will rest with the two general managers: Santiago Bau, CEO of the group with responsibility for all businesses, and Rafael Díaz Yeregui, Secretary General with the rank of Director General, which coordinates areas such as legal advice, sustainability and human resources.
In parallel, Marta Álvarez is not leaving the companyShe will continue as a board member, remain on the Monitoring Committee—the body that supports the board in overseeing management—and will lead the strategy of Private Labels, Fashion and Home, segments where the group wants to continue growing in profitability and differentiation from the competition.
During the meeting in which his appointment was approved, Cristina Álvarez expressly thanked her sister for her work. in these six years and pledged to carry out his role with “humility” and with a focus on the shareholders, employees and customers of the company, an idea that is repeated in all the statements issued by the group.
Who is Cristina Álvarez: an economist forged in the house
The new president of El Corte Inglés reaches the highest institutional position after more than three decades of internal experienceBachelor's degree in Economic SciencesCristina Álvarez joined the company in 1992 and, as is often the case in many family businesses, she started from entry-level positions to learn about the business on the ground.
Over the years it has gone through various departments and centers, both in commercial and management areas. This "store-to-office" experience has allowed it, according to the group, to have a very close view of the customer and the operation of the different divisions, from El Corte Inglés retail to affiliated chains such as Sphere.
His leap into governing bodies occurred in 2015, when he joined the Board of Directors a few months after the death of his adoptive father, Isidoro AlvarezSince then, he has gone through all the council committees in the last decade, which has given him in-depth knowledge of the key areas: audit, risk, strategy, corporate governance and compensation.
Until this change, Cristina served as councilor and chair of the Appointments and Remuneration Committee, a particularly sensitive position because it defines the profiles that access senior management and sets the incentives for the group's top executives.
In addition to her role at El Corte Inglés, She is vice president of the Ramón Areces FoundationCristina is the company's largest shareholder, holding just over 40% of the capital. The presidency of this foundation is usually held by the head of the distribution group, so it is expected that Cristina will also assume that position in the institution where her sister Marta has played a prominent role in recent years.
The Álvarez family and the control of the group
Cristina's appointment further strengthens the role of the Álvarez family at the top of the group. Marta and Cristina are adopted daughters of Isidoro Álvarez, historic president of El Corte Inglés, considered the great driving force behind the expansion of department stores over several decades.
The family history begins with María José Guil, mother of bothShe was widowed when her daughters were young and ran a restaurant business on her own. It was there that she met Isidoro Álvarez, a regular customer. Their relationship led to marriage in 1992, and he was then the president of El Corte Inglés. legally adopted the two girls, who were around five years old.
Over time, the sisters decided to change his biological father's surname to ÁlvarezThis strengthened their connection to the business dynasty. From there, they gradually became part of the group's structure, first in operational positions and later in governance roles.
In terms of shares, Marta and Cristina control around 18,4% of the capital through the asset management company Cartera de Valores IASA, which they share with other family members, including their uncle Cesar AlvarezThat position makes them the second shareholders of the group, second only to the Ramón Areces Foundation.
In the Foundation, the true pillar of control for the group, Marta currently holds the presidency and Cristina the vice-presidencyIn accordance with the company's tradition, the person who chairs El Corte Inglés usually also assumes the highest responsibility in the foundation, so it is taken for granted that The same pattern will be repeated with Cristina at the head of both bodies.
The legacy of Marta Álvarez and a reorganized dome
The stage of Marta Álvarez at the helm of El Corte InglésThe restructuring, which began in July 2019, concludes with a healthier company and accounts that have improved year after year. During his tenure, several changes have taken place in the top executive ranks, including three different CEOs and, more recently, an executive committee and the appointment of general managers with broad powers.
One of the most recent episodes was the CEO Gastón Bottazzini's departureThe resignation was agreed upon at the end of October after just over a year in the position. The company described it as a mutual decision following a period of reflection by both parties. As a result of her departure, the role of [the company/organization] was strengthened. Santiago Bau as CEO with control over all businesses and was appointed Rafael Díaz Yeregui as general secretary with the rank of general director.
This restructuring of the executive team is now complete with Marta's move to a secondary institutional role and Cristina's arrival as president. The company indicates that this is a division of duties between the sistersOne focused on supervision and institutional representation, and the other focused on commercial and product levers.
During these years, El Corte Inglés has also made progress in the reduction of its debt and in improving their margins. These measures have been implemented. real estate divestments relevant changes and a restructuring of the asset portfolio, which has allowed the group to improve its credit rating and recover the investment grade by the rating agencies.
At the same time, the focus has remained on the customer as the central focus of the businessboosting omnichannel sales and strengthening its presence in increasingly competitive sectors, especially fashion, beauty, and travel. Both its press releases and Marta's letters to shareholders emphasize that these results have been made possible thanks to work of the entire team and more efficient resource management.
Strategic Plan 2025-2030: Investment and Transformation
The change in the presidency comes at the very start of Strategic Plan 2025-2030approved at the shareholders' meeting last July. This plan, which will set the roadmap for El Corte Inglés for the coming years, includes an investment of around 3.000 million euros up to 2030.
According to the company, these resources will be primarily allocated to store remodelingIn the expansion of the various businesses —both in Spain and, to a lesser extent, in other European markets— and to the strengthening of the logistical and technological capabilitiesThe idea is to modernize the sales network, gain efficiency, and give a definitive boost to the integration between the physical and digital channels.
In this context, Cristina Álvarez's role is situated more on the institutional level and corporate governance than in operational management. Those in charge of executing the plan will be the management team and, in particular, the duo formed by Bau and Díaz Yeregui, who report to the Monitoring Committee of the board of directors.
This commission, which will become chaired by Cristina from January 15thIt does not have executive powers, but it does have the mission of accompany and supervise the achievement of the established objectives. It will maintain Marta Álvarez and José Ramón de Hoces, secretary advisor, which ensures that the core of the family and the group remains highly involved in the control of management.
The group's strategy involves prioritize profitable growth rather than simply increasing revenue. To achieve this, the plan focuses on categories where El Corte Inglés has a leading position, such as fashion, beauty and homeand in strengthening the brand itself, considered a key lever for improving margins and building customer loyalty.
Upward half-year results and focus on profitability
The announcement of Cristina Álvarez's appointment coincided with the publication of the results for the first half of fiscal year 2025-2026, which covers the period from March 1 to August 31. The figures confirm the company's positive momentum in terms of sales, profits, and debt reduction.
In those six months, El Corte Inglés has achieved a total revenue of 8.212 billion eurosThis represents an increase of nearly 2% compared to the same period of the previous year. If we analyze turnover on a like-for-like basis, the increase is 1,6%, up to 7.032 billion, which indicates a real improvement in the stores that were already operational.
In terms of profitability, the group has recorded a EBITDA of 539 million euros, up 3,8% year-on-year, driven by improved margins and efficiency actions which have been applied in recent years. net profit has risen to 224 million, with a growth of 10,3%, while the recurring net profit has reached 192 million, a 13,8% increase.
The company emphasizes that this evolution is a response to the resource optimization and tighter cost managementRather than large leaps in revenue, the goal, as the firm reiterates, is to consolidate a solid base of results that allows for continued investment while keeping debt under control.
Regarding the divisions, the The retail business remains the central pillarIn the first half of the year, it achieved global revenues of €5.908 billion and a turnover of €5.655 billion, representing a 1,2% increase on a like-for-like basis. Of particular note is the good fashion and beauty behavior, with a significant role for own brands, as well as the positive evolution of sales of external brands, both national and international.
Travel, insurance and finance: additional drivers of the group
Beyond department stores, El Corte Inglés' service activities They continue to gain importance in the profit and loss statement. One of the most relevant lines is Viajes El Corte Inglés, which maintains its prominent position in the Spanish market and in other European destinations.
In the first half of the year, Viajes has achieved a total revenue of 2.049 billion euros and a turnover of 1.262 billion, which translates into a growth of 3,3%. compared to the same period last year. This progress is mainly supported by the vacation business, which has risen by 5,3% and consolidates the group as one of the leading companies in organized tourism.
They also highlight the financial businesses linked to the brand. El Corte Inglés Insurance has increased its revenue by 11,1%, to 153 million euros, with a net profit of 43 billion, which represents a growth of 22,9%. Meanwhile, Financial El Corte Inglés has increased its revenue by 5,7%, to 95 million, with a net profit of 30 billion, 21,9% more.
These figures reflect the diversification of the group beyond traditional retail and show how added services —financing, insurance, travel agency— have become an important complement to the main business, providing margin and strengthening the relationship with the customer.
Looking ahead to the second half of the year, the company is counting on a Good Black Friday and Christmas campaignThese are two key moments for consolidating improved sales, especially in fashion, technology, home goods, and toys. Performance during this period is usually decisive for the group's annual results and will be an initial test for the new phase beginning with Cristina Álvarez as president.
On the financial front, the company has reduced its net financial debt up to 1.738 million eurosThis equates to 1,4 times EBITDA. Since August 2024, debt has been reduced by €195 million, supported by strong cash flow generation. This lower financial burden provides a greater room for maneuver to invest in the key projects of the strategic plan without straining the balance sheet.
Given this context—a change in leadership, a revamped management team, an ambitious investment plan, and accounts showing improvements in sales, margins, and debt—the arrival of Cristina Álvarez to the presidency of El Corte Inglés This is interpreted as a natural step within the family itself and the group's governance model, which seeks to maintain stability while continuing to adapt to an increasingly competitive market in Spain and throughout Europe.