Grupo SOS, the Spanish food group, could announce a new chief executive tomorrow (13 May) as the company’s board holds its latest meeting to discuss the future of the business.
SOS, the maker of Carbonell and Bertolli olive oil, has been shaken after a share scandal led to the departure of its chairman and CEO.
Chairman Jesús Salazar and CEO Jaime Salazar were dismissed after using a loan from the business to buy company shares. Last week, in their place, Vicente Sos was named chairman and Endika Sanchez appointed as managing director.
A source close to the company told just-food today that the SOS board is working through a short-list of candidates for the CEO position and could announce an appointment tomorrow.
The company’s board will also look to hammer out the details of a EUR200m (US$272.8m) share issue that is being lined up to shore up the company’s debts.
SOS, which has been forced to restate its 2008 accounts, hopes the share issue will also help it meet the requirements of a EUR994m syndicated loan. The group is looking to renegotiate the terms of the loan having already breaking some of the covenants contained in the agreement.
The company is also looking to reduce its debts through the sale of assets, including its vinegar and sauces business.
