El Corte Inglés' new Argentine CEO fires Folache
Folache's dismissal at El Corte Inglés, three months after the new Argentine CEO took over, opens a period of adjustment. Who falls next?
English · Original discussion in Spanish · Published
Botazzini wastes no time: El Corte Inglés' retail director is out
At 64 and just a step away from retirement, José María Folache did not expect his last service to El Corte Inglés to be packing up his belongings. The new CEO, Argentina's Gastón Botazzini, informed him this Tuesday of his dismissal as general director of the retail business. The decision comes barely three months after Botazzini took office, and makes Folache the first casualty of the new era.
The executive, who already served a first stint at El Corte Inglés between 2009 and 2012, had returned in 2022 to take charge of the stores. His résumé includes a worldwide vice presidency at Carrefour and CEO positions at Tous, Parfois and Suárez. But experience was not enough: the new CEO has decided to make his own mark. And the timing chosen, right before retirement age, is telling.
Because that is the heart of the matter. Two readings clash: that of those who see a simple team renewal —logical, if you will— and that of those who point to a more or less negotiated exit so that Folache collects a juicy severance package instead of a pension. According to some views, the executive would have wanted to be fired. And with his profile, dismissal is no drama, but a good deal.
The truth is that El Corte Inglés is entering a period of adjustment and the purge at the top has only just begun. The question is whether Botazzini will set the bar so high that more industry veterans are swept out in the coming months.
At 64 and just a step away from retirement, José María Folache did not expect his last service to El Corte Inglés to be packing up his belongings. The new CEO, Argentina's Gastón Botazzini, informed him this Tuesday of his dismissal as general director of the retail business. The decision comes barely three months after Botazzini took office, and makes Folache the first casualty of the new era.
The executive, who already served a first stint at El Corte Inglés between 2009 and 2012, had returned in 2022 to take charge of the stores. His résumé includes a worldwide vice presidency at Carrefour and CEO positions at Tous, Parfois and Suárez. But experience was not enough: the new CEO has decided to make his own mark. And the timing chosen, right before retirement age, is telling.
Because that is the heart of the matter. Two readings clash: that of those who see a simple team renewal —logical, if you will— and that of those who point to a more or less negotiated exit so that Folache collects a juicy severance package instead of a pension. According to some views, the executive would have wanted to be fired. And with his profile, dismissal is no drama, but a good deal.
The truth is that El Corte Inglés is entering a period of adjustment and the purge at the top has only just begun. The question is whether Botazzini will set the bar so high that more industry veterans are swept out in the coming months.
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Summary of a discussion on Burbuja.info - Foro de economía, actualidad y política., translated from Spanish and reviewed before publication. Read the full discussion (17 replies).
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