Spanish cablenet ONO has appointed Jose Maria Castellano as its new chairman in a boardroom coup that replaced Eugenio Galdon, the cablenet’s founder and a significant shareholder.
In a statement the company said the move marked an important change in strategy that would see the company focus on marketing and sales.
The board backed plans to layoff 30% of its 4,300 workforce as Spain faces up to the economic downturn.
International investors including CCMP, Providence, Thomas H Lee and Quadrangle that between them own about 53% of the company led calls for Galdon’s replacement.
Castellano is a former CEO of Inditex and is attributed with putting its fashion retailer Zara onto the world stage.
