Sunday, July 3

Merlin convenes an extraordinary council to discuss the succession of its CEO

Merlin Properties It will hold an extraordinary meeting this afternoon starting at 7:00 p.m. with only one item on its agenda: the succession or removal plan of the current CEO, Ismael clemente, according to sources familiar with the call.

Once this point has been addressed, the highest governing body of Merlin will study the granting of powers, if so, to the next chief executive of the publicly traded real estate investment company (socimi). Banco Santander, the company’s main shareholder, is the one that tries the most to force a replacement at the top, according to various sources.

The shares of the Socimi fell more than 4% in the early afternoon, after revealing that the company’s board of directors is divided around the management of its chief executive and that part of it would be promoting his replacement to the front of the company.

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In the last meetings of the board of directors these discrepancies were already evident. Part of the highest governance body wants to promote the application of the best corporate governance standards in the company, as corresponds to an Ibex 35 firm, as well as to establish risk control and remuneration policies more in line with the current context. Upon transcending this situation, the CNMV has requested information from the company in this regard.

Merlin’s main shareholder is Santander Bank with 22% of the capital, followed by businessman Manuel Lao (Nortia) with 8% and BlackRock with 4%.

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