The Spanish fashion and cosmetics group Puig has reformed its management structure. The board of directors has decided to separate the positions of CEO and chairman, the parent company of brands such as Jean Paul Gaultier, Nina Ricci, Rabanne and Carolina Herrera said on Tuesday.
As part of this decision, which Puig says follows “best practice for listed companies,” Jose Manuel Albesa was appointed CEO with immediate effect. He takes over the position from Marc Puig, who was previously both CEO and Chairman. Puig will serve as Executive Chairman going forward.
Albesa has been with the company since 1998 and has held various management roles during this time. Since September, he has been deputy CEO of the group and, as president of the beauty and fashion division, is also responsible for Puig’s global business and all business areas.
Marc Puig acknowledges “new chapter in corporate management”
According to the group, Marc Puig will continue to work closely with Albesa. The aim is to bring the strategic vision of the board of directors into line with daily operational decisions. In addition, Puig will focus on further developing the group’s acquisition strategy and ensuring that “Puig’s culture and values” remain essential elements of the business model.
“This is an exciting moment in Puig’s development,” Marc Puig said in a statement. “The combination of a very solid foundation and strong growth forms the basis for the next stage of our story.”
The group is now “opening a new chapter in corporate management,” said Puig. “I have worked closely with Jose Manuel for over 20 years and strongly believe that his talent, leadership qualities and vision make him the ideal person to become Puig’s CEO. His deep understanding of our brands, our culture and our way of working will be crucial to leading the company into the future.”
Miquel Angel Serra becomes the new CFO
In addition to Albesa’s promotion, the company announced another important personnel decision. Miquel Angel Serra has been appointed as the new Chief Financial Officer (CFO). Serra has been with the company since 2013 and most recently served as Vice President, Corporate Controlling & Investor Relations. In his new role, he will report to Jose Manuel Albesa.
Serra succeeds Joan Albiol, who had been Puig’s CFO since 2009. Albiol will remain with the company as secretary of the board of directors, the company said. He will continue to report to Marc Puig in this role.
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