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The DIA of Tomorrow: Can New Ownership Turn Around the Business?

By Calleja, Luis Manuel / Elvira, Marta / Proaño Vicente, Ángel / Sastre Boquet, Isaac
Family-owned business Corporate Governance

In 2019, seven years after going public, DIA, the third largest supermarket chain in Spain in revenue, was going through the most important crisis in its history. That year it had narrowly avoided bankruptcy, thanks to the intervention of LetterOne, the investment fund of Russian tycoon Mikhail Fridman who, after a long, complex and controversial takeover, had become the largest shareholder in the company. One of LetterOne's first decisions, in May 2019, had been to put Karl-Heinz Holland in charge of the company, as well as appointing Stephan DuCharme as chairman of the new Board of Directors. The case reflects on key issues for the new CEO and Board: What should be the priority areas for the new CEO to move the company forward, keeping in mind the learnings of what happened to the company up to 2018? What should be the priorities and contributions of DIA?s new Board of Directors to ensure the viability of the company?

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Collection: IESE (España)
Ref: SM-1712-E
Format: PDF
Number of pages: 34
Publication Date: Nov 18, 2021
Language: English, Spanish, Portuguese Portugal

What material is included in this case:

Teaching Note Exclusive professors
Other supplements

Description

In 2019, seven years after going public, DIA, the third largest supermarket chain in Spain in revenue, was going through the most important crisis in its history. That year it had narrowly avoided bankruptcy, thanks to the intervention of LetterOne, the investment fund of Russian tycoon Mikhail Fridman who, after a long, complex and controversial takeover, had become the largest shareholder in the company. One of LetterOne's first decisions, in May 2019, had been to put Karl-Heinz Holland in charge of the company, as well as appointing Stephan DuCharme as chairman of the new Board of Directors. The case reflects on key issues for the new CEO and Board: What should be the priority areas for the new CEO to move the company forward, keeping in mind the learnings of what happened to the company up to 2018? What should be the priorities and contributions of DIA?s new Board of Directors to ensure the viability of the company?
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Year: 2019
Geographic Setting: Spain
Industry Setting: Food and Drink

Learning Objective

This case has been designed to put the participant in the position of the new top executive or member of the Board of Directors of a company, at a time when everything has changed in the organization: ownership, Board, senior management, and management team. All of this while the company is going through a difficult business and financial situation. Specifically, the case aims to analyze:
- How to deal with the process of taking control of the company.
- As CEO: What role does the new CEO have to play, what priorities have to be set, and what questions have to be asked in order to revive the company.
- As Director: What role should the Board play, what issues should it address, and what contributions should the Board make.
Depending on the type of program and its attendees, the case can be discussed with a greater focus on the issues concerning either the top executive or the Board of Directors.

The DIA of Tomorrow: Can New Ownership Turn Around the Business?

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"The DIA of Tomorrow: Can New Ownership Turn Around the Business?"