Madrid, May 25 - Spanish food producer SOS Cuetara on Monday named the representative of shareholder Caja Madrid as its new chairman and overhauled supervisory boards as part of reforms after firing its top two executives last month.
Caja Madrid's Mariano Perez Claver takes over from Vicente Sos, whose became interim chairman after SOS fired Jesus Salazar and his brother, deputy chairman Jaime. The brothers had used a company loan to set up a vehicle to buy SOS shares to then sell them to a sovereign wealth fund but the deal never happened.
Unlisted savings bank Caja Madrid owns 10.5 percent of SOS, the world's biggest olive oil bottler, and along with other shareholders has signed up to a 200 million euro share issue to plug a hole in its accounts created by the Salazar brother's unauthorised dealings.
SOS will also create two vice-president roles to be held by representatives of Andalucian savings bank sharholders and has appointed new members on its auditory and remuneration committees.
The company said it would hold a shareholders meeting on June 29.