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Spain — Board room drama at Eulen

01 March 2010
David Alvarez, President and Founder of Eulen, has kicked five of his seven offspring out of the board of directors due to "differences of opinion", El Pais reports. Eulen claims to be the market leader in Spain in the provision of general company services. As well as temporary staffing, Eulen provides cleaning, security, socio-sanitary, ancillary (logistics, general, telemarketing), maintenance and environmental services.

The 82 year old businessman holds 51% of the shares in Eulen. Each of his seven children holds 7%.

Alvarez intends to form a new management board, which will include two of his children. He also intends to list Eulen on the alternative stock market (MAB).

Alvarez said "thank God that I have been able to resolve this family and business dispute whilst I am still alive."
Alvarez plans to work with institutional investors, which share his vision of growth for the company, especially in the United States.

Eulen employs 82,000 people in Spain, Portugal, Mexico, Costa Rica, Argentina, Chile, Nicaragua, Panama, the Dominican Republic, Uruguay, Peru and the US.



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