Inditex loses 5,600 million in stock after the announcement of Relief of Pablo Isla in the presidency

Investors have not given a good reception to change in the Inditex Directive Dome. The Giant of the Spanish Stock Exchange has left 5,641 million euros after

Inditex loses 5,600 million in stock after the announcement of Relief of Pablo Isla in the presidency

Investors have not given a good reception to change in the Inditex Directive Dome. The Giant of the Spanish Stock Exchange has left 5,641 million euros after falling by 6.1% at the end of the session in which the relay of Pablo Island has been known by Marta Ortega in the Presidency of the Company.

Ortega will replace Isla, who has led the group during the last 17 years, as of April 1, while Óscar García Maceiras, until now General Secretary and of the Council, has been appointed CEO of the company.

The news was known shortly before the opening of the markets this Tuesday and the reaction was not expected in the form of descents that the titles of Inditex have placed at 27.8 euros. The capitalization of the Company is placed at 86,830 million euros, far from 92,471 million on the eve, although weighing today's losses remains as the greatest of all the IBEX 35.

The relay in the dome of the textile Empire created by Amancio Ortega has caught the markets by surprise. As reported by the Company in a statement to the National Securities Market Commission (CNMV), the Board of Directors of Inditex, at the initiative of its Pavilia Pablo Isla and its founder Amancio Ortega, and after the proposal of the Appointments Committee, He has approved the appointment of Marta Ortega Pérez as President of the Group, with the character of Sunday Counselor, in an appointment that will be effective as of April 1, 2022.

"I want to thank the Council, and especially Amancio Ortega, the support and confidence deposited in me during all these years, now we believe that it is time to address this new stage, with Marta Ortega as President and Óscar García Maceiras as CEO , whose designation was already anticipated since its incorporation into the company for its capacity and qualities. To make this transition a reality is the culmination of my commitment to Inditex and Amancio Ortega, "said Isla, who has also given thanks" to all and Each of the people who are part of Inditex for their work and dedication ".

José Arnau Sierra, for its part, remains vice president of the Board of Directors.

With this change, the Board of Directors culminates the generational relay process initiated in 2011 with the substitution of Amancio Ortega in the presidency of Inditex. Isla is Executive President of the Group since 2019. He previously played the position of CEO since 2005, and from President and CEO since 2011.

The backspace of Inditex has also been the main ballast of the IBEX 35, although not the only one. The change in the Gallego Group has added more pressure on uncertainty and volatility that bags around the world live these days on omicron account, the last detected variant of the coronavirus.

Both factors are pulling the selective Spanish down, so that it has ended by leaving 1.78% and saving, by little, the level of 8,300 points (8,305 integers). In the positive note, network (+ 1.16%), telephone (0.88%) and Banco Sabadell (+ 0.57%) have led the highest rises.

Updated Date: 30 November 2021, 16:50

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