What: The shareholders of El Corte Inglés agreed to welcome Grupo Mutua and its chairman and CEO will join El Corte Inglés' Board of Directors. Grupo Mutua will acquire 8% of El Corte Inglés' equity and also take 50.01% ownership interests in the retail group's two insurance companies SECI and CESS.

Why it is important: In that context, the company's shareholders also agreed to re-appoint Víctor del Pozo as director and CEO of El Corte Inglés for the next five years, until 2027.

The shareholders also approved a 6% capital reduction via the cancellation of own shares, reinforcing El Corte Inglés' legacy shareholders and lifting their ownership stakes.

Víctor del Pozo reelected as CEO of El Corte Inglés