Ex-Lidl chief Karl-Heinz Holland has replaced Borja de la Cierva as CEO of Spain’s Grupo Dia. The move comes after Mikhail Fridman’s LetterOne vehicle secured 69.76% ownership of the troubled retailer and secured agreements from partner banks that averted a potential bankruptcy. At the same time, LetterOne has moved to reorganise the board of the company, with Stephan DuCharme, Michael Casey, Sergio Antonio Ferreira Dias and Holland named as external proprietary directors, at the proposal of LetterOne, and of Christian Couvreux and José Wahnon Levy as independent directors.

Source: Revista Info Retail