A former executive at Coca-Cola is reportedly a major shareholder in the troubled Spanish company Mariano’s Pharmacy chain, and the company’s stock price dropped in a week, sparking speculation that he’s working to secure a stake in the company.
The Wall Street Journal first reported the news in Spanish, citing people familiar with the matter.
Mariano said he will remain on the board of Mariano-Escalante, which operates Mariano and Cinereas supermarkets.
The company’s shares fell 3 percent on Monday.
The WSJ reported last month that Mariano would step down from the board and will take over Mariano Escalante’s CEO role in January.
He previously served as CEO of the company for a short period in 2018.