FADESA to appoint new Chief Executive Officer (ES)

At the general shareholders meeting, on the 9th of March, the FADESA Board of Directors will propose Borja de la Cierva Alvarez de Sotomayor as FADESAs new Chief Executive. He will replace José Luis Maciá Sarmiento who has held the position since June 2002.

Borja de la Cierva, a 44 year old native of Pontevedra, was until now General Finance Director at Inditex, the company he joined as assistant to the Chief Executive Officer in 1995. In 2000 he was appointed Group Financial Director, and in August 2005 General Finance Director. He has also been a member of Inditex Management Committee and Business Committee .

He was Manager of the Arthur Andersen (now Deloitte) office in La Coruña between 1987 and 1994.

José Luis Macía, who is stepping down from his position at FADESA for personal reasons, will remain as a board member of the real estate company. He has been with the company since 1998, most recently as Group director. During this time he has been the driving force behind various successful initiatives, including the companys float on the Stock Exchange in April 2004.

Source: FADESA

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