The chairman of Banc Sabadell, Josep Oliu, resigns as a director of the perfumery and beauty group Puig Brands seven months before his term ended, according to consulted sources. The same sources explained that the departure is voluntary and given the proximity of the expiration date of his position as proprietary director. He had held the position since 2002.
Read more Princess Leonor will study Political Science at the public university Carlos III of Madrid
Oliu will continue to serve as chairman of the board of directors of EXEA, the Puig family’s holding and family office. Oliu has been linked to EXEA since 1992 in different positions and since 2007, as chairman.
The departure of the veteran banking executive comes as negotiations between Puig and Estée Lauder for a possible merger are underway.
With Oliu’s departure, a seat is left vacant, which will predictably be occupied by the current CEO, Jose Manuel Albesa. This will also facilitate Puig’s compliance with board gender parity recommendations. Oliu’s resignation and the rest of the appointments will be reported at the ordinary shareholders’ meeting expected to be convened next May. The new appointments will be approved at that ordinary meeting.
Throughout this period, the chairman of Sabadell has participated in Puig’s growth process, which led the company to go public in 2024. The group – controlled by the Puig family – is one of the most important family groups in Catalonia and Spain. The company plans to present quarterly results tomorrow.
Read more Charles III arrives in the U.S. to steer a relationship that already has little ‘special’ about it.
Oliu joined Puig as a director in 2022
Oliu has been non-executive chairman of Banc Sabadell since the failed friendly merger between the Catalan bank and BBVA at the end of 2020. After that operation, Oliu stepped aside in 2021 and left all executive functions in the hands of César González-Bueno, the bank’s current CEO. González-Bueno will hand over the baton to Marc Armengol at Sabadell’s ordinary meeting to be held next May. Even so, Oliu, as chairman, played a very prominent role in defending Sabadell against BBVA’s second attempt to buy it in the form of a hostile takeover bid, which failed last autumn.
Meanwhile, the merger of Puig and Estée Lauder is entering its final phase with intense negotiations between the two parties. Beyond the impact on the company itself, the merger could have significant effects on both the Spanish economy in general and the Catalan economy in particular, depending on the terms that are finally agreed upon beyond Puig’s percentage within the new group. The stock market chosen by the parties stands out as one of the most important points.
Puig is one of the largest listed companies and a member of the Ibex 35, with a capitalization of around 10 billion euros, despite its share having fallen since its debut on the stock market. The CNMV insists that it is possible for a company listed in New York to also be listed on the Spanish stock exchange.
Read more Freya, the James Bond-esque ‘femme fatale’ who starred in the Nord Stream sabotage
