Shareholders in Bertolli and Carbonell olive oil maker Grupo SOS have approved the dismissal of the company’s ex-chairman and CEO, as well as the removal of two other investors.

At a board meeting held yesterday (29 June), the SOS board gave the green light to the dismissal of Jaime and Jesus Salazar, who have been alleged to have used a company loan to buy shares.

The board also voted for the removal of Daniel Klein and Lucas Toran, who held just under 10% of SOS’s shares and had seats on the board.

The SOS board also approved the legal action being taken against the Salazars for their alleged plans to sell SOS shares to an Arab sovereign wealth fund.

The move did not materialise but SOS claims the move had been approved by the company’s board.

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By GlobalData

Addressing shareholders after the announcement, SOS chairman Mariano Pérez Claver sought to look ahead to the company’s future. The business has been renamed SOS Corporación Alimentaria and Claver was keen to emphasise the group’s position as the global market leader in olive oil.

SOS, Claver said, accounts for 22% of global olive oil sales and generates 70% of its turnover outside Spain.

“SOS turns the darkest pages of its history and opens on to a hopeful future,” Claver said.