Changeover sees new Chair at helm of Santillana

Manuel Mirat steps down after a successful 24-year career at PRISA.

Francisco Cuadrado takes over as the new Executive Chairman of Santillana and is appointed to PRISA’s board as an executive director.

The Board of Directors of PRISA has today approved Francisco Cuadrado’s appointment to the chairmanship of Santillana, following a proposal by the Group’s Appointments, Remuneration and Corporate Governance Committee. Cuadrado will be taking over from Manuel Mirat, who has also resigned from the Board of Directors of Prisa for professional reasons. As well as his appointment to the position of Executive Chair of Santillana, Cuadrado has also been appointed to PRISA’s board as an executive director.

Mirat has had a professional career spanning more than 24 years at PRISA, and he had worked in practically every area of the Group from finance to digital and from operations to management before becoming the Chief Executive of the Group in 2017. Over the years, he has been Chief Financial Officer (CFO), Chief Executive Officer (CEO) of the Digital Division, Chief Operations Officer (COO) of Sogecable, Managing Director of Canal +, Chief Executive Officer (CEO) of El PAÍS and PRISA Noticias and Chief Executive Officer of the Group.

Over the past four years, during his tenure as CEO of PRISA, Mirat has played a decisive role in the digital growth and development of the Group, especially through subscription models. He has also overseen the operational and business improvement of the company, and he has been instrumental in the reorganizational, divestment and financial restructuring processes undertaken in recent years. Notable highlights from his term in office include the successful roll-outs of the Santillana and EL PAÍS digital subscription models, two capital increases, key refinancing agreements, the drastic reduction of debt and the sales of Santillana Spain and Media Capital, decisions that have improved the flexibility and financial strength of PRISA and have laid the foundations for the separation of the Education and Media businesses.

Manuel Mirat recalled that “these past few years as CEO have been very challenging but also very rewarding because, thanks to everyone's efforts, we have refloated and set the Group on firmer footing and we have laid the foundations for a future that is very promising indeed. With this chapter now closed, I believe that it is time for me to face new professional challenges, and I wish PRISA the greatest success. It will always be my home.”

Francisco Cuadrado has more than 30 years’ experience in the education business, particularly in project management in Latin America. He has developed much of his professional career at Grupo PRISA, where he has held a range of positions of responsibility. Since 2010 he has been in charge of Global Education, where he has been instrumental in promoting the group’s commitment to digital business, which is now Santillana’s chief revenue source. Previously, he was Global Director of the Trade Division, Managing Director in Colombia and Deputy Managing Director of Santillana in Mexico.

Speaking of his new role, Cuadrado said “we are living through a pivotal moment, where digital transformation is changing everything, and where the role of education is becoming more decisive than ever. At Santillana we are leading this transformation and we are supporting teachers and schools. It is with great pride and enormous responsibility that I take the helm of the education division of Grupo PRISA as I endeavor to follow in the footsteps of both Manuel Mirat and Miguel Ángel Cayuela and thus continue making Santillana the leading education group in the Latin American world ”.

The Board of Directors thanked Manuel Mirat for his dedication and commitment and the results he achieved during his years at PRISA and welcomed Francisco Cuadrado to his new position.