PRISA accelerates its operational division and the enhancement of Santillana

Headquarters of the PRISA group in Madrid's Gran Vía

The board of directors of the PRISA group has approved this Tuesday an organization chart that ensures the operational separation of the Education and Media areas, accelerates the “enhancement” of Santillana and lays the foundations for the creation of PRISA Media.

"This new structure takes into account the work started in the second half of 2020 by the Appointments and Remuneration Committee of the company, and that since then continues to be promoted by the chairman, the CEO and the secretary of the board," says the group through a note registered with the CNMV.

The new organization chart of the group goes from having a single CEO to having two, one as head of Education, who will be Manuel Mirat, and another for PRISA Media, which has yet to be appointed, and whose selection process has already been has started.

Both CEOs will be members of the board of directors of PRISA and will be executive presidents of their respective divisions (Santillana and PRISA Media).

• PRISA board appoints Joseph Oughourlian as non-executive chairman

• PRISA registers a profit of 89.7 million in 2020 due to the capital gains of Santillana

"The council understands that with this alternative a greater focus will be obtained from the executive teams and a better capacity for execution in the two business plans, which each require enormous dedication and strong leadership," he states. the group.

Until the next General Meeting of Shareholders of PRISA, the current CEO of the company, Manuel Mirat, will lead the transition process towards this new organization.

The members of the board of PRISA and its CEO consider that "the enhancement of the Education business is essential for the future of the group as a whole."

Santillana is today a 100% Latin American business and a leader in all the countries in which it operates.

At the moment, Santillana is the leading platform in education systems (

e-learning systems

), which covers 1.8 million students under the subscription model, a figure that in 2021 will increase to two million.

Its main objective is to focus on the growth and extension of the subscription models to all the markets in which it is present and to effect the operational separation of the public and private business to maximize the value of the private business for the benefit of the shareholders of the company.

The current CEO of Santillana, Miguel Ángel Cayuela, after 35 years in the company and as planned, will end his executive duties at the next PRISA Shareholders' Meeting.

His replacement will be Manuel Mirat as executive president of this division.

Cayuela will remain as a member of the Santillana board of directors.

PRISA Media will be the result of the integration of the businesses of PRISA Radio and PRISA Noticias.

“It is evident that the digitization of the media is unstoppable and the group has focused on it in recent years.

Likewise, the Board considers that the time has come to accelerate it, take advantage of the growth potential of brands and bet on subscription models to make the leadership and quality of the products profitable (EL PAÍS, SER, AS, LOS40, Caracol ... ) and the development of digital audio (podcast) ”, indicates the company through a note.

The board considers that the figure of the new CEO of PRISA Media is necessary.

The group details what will be the objectives of the new executive: "Seek a greater platform of capabilities, enhance the global reach of products and revolutionize the way of working, corporate culture and talent."

His election process, the company points out, is underway and the objective is to appoint him at the end of April, coinciding with the convening of the next Ordinary General Meeting of the company.

Digital transformation committee

On the other hand, the Board of Directors has decided to set up a Digital Transformation Committee for the group's media (PRISA Media), with the aim of defining, supporting and consolidating the digitization process in which the group is immersed.

This committee, which will report directly to the board of directors, will be chaired by the vice president of PRISA, Rosauro Varo, and will have among its members the CEO of PRISA Media and external referents of the highest level.

Miguel Barroso, new director

In addition, the board has approved, with the favorable report of the Appointments, Remuneration and Corporate Governance Committee (CNRGC), the change of the natural person representing the director Amber UK LLP, as the group has communicated to the National Commission of Markets and Securities (CNMV).

Starting today, Amber will be represented by Miguel Barroso.

"His professional experience and his knowledge of the media and the world of communication, both in Europe and in Latin America, fit perfectly with the objectives of the strategic plan in which the Group is immersed", explains the company through a note .