Spain’s huge conglomerate Mondragon, which employs 80,000 people worldwide, announced Friday the resignation of its president, Txema Gisasola, and the opening of a “period of reflection” in the face of economic troubles.
Gisasola’s departure comes two months after Mondragon’s loss-making appliance making business, Fagor that employed 5,700 people internationally, filed for bankruptcy.
“Txema Gisasola has resigned as president of the general council for personal reasons,” Mondragon said in a statement.
“In the current situation of economic crisis, Mondragon Corporation believes it is necessary to undertake this period of ‘collective analysis, reflection and debate’ in order to tackle confidently the challenge presented by the global economic crisis,” it said.
A new president would be chosen after the period of reflection, the company said.
Most of its workers are partners in the firm, voting to elect the bosses and make sensitive decisions.
Mondragon said there was no possibility of changing its cooperative model.
“The corporation completely reasserts its trust in the cooperative model as a driving force for generating wealth and is firmly committed to the future of the community it is part of,” it said.