Marta Ortega will replace Paul Isla in the presidency of Inditex

Marta Ortega Pérez, daughter of the founder of Inditex Amancio Ortega, will be the president of the Textile Group, as a Sunday Counselor, as of April 1, 2022, i

Marta Ortega will replace Paul Isla in the presidency of Inditex

Marta Ortega Pérez, daughter of the founder of Inditex Amancio Ortega, will be the president of the Textile Group, as a Sunday Counselor, as of April 1, 2022, in substitution of Pablo Island, as decided by the Board of Directors of the group gathered yesterday and As has been communicated today in a relevant fact to the CNMV.

In addition, Óscar García Maceiras, until now General Secretary and the Council, will become the Director of Inditex with an immediate effect, replacing Carlos Crespo, who will become general director of operations, held previously.

Pablo Isla, who was in office since 2011, just ten years ago, will continue as president of the company until next March 31, after the presentation of the annual results of the group. The change in the presidency has occurred "of mutual agreement," says the company.

With these changes, the Board of Directors, says the company, "thus culminates the generational relay process" initiated in 2011 with the substitution of Amancio Ortega in the presidency of Inditex. The shares of the group collapsed at the start of the session almost 4%.

"I have always said that I would dedicate my life to developing my parents' legacy, looking into the future but learning from the company's past and service, our shareholders and our customers, in the place where it is considered that I am more necessary. I feel deeply Honored and committed to the trust that has been deposited in me and enormously excited by the future that among all we are going to undertake, "says Marta Ortega in the statement.

Island, which has been the architect of the group's digital transformation in these 10 years, has indicated at a press conference that "these relevant, very meditated changes" are produced right now "because it is an optimal moment to address" this succession because the Company "It has a definite strength and strategy". "We have been preparing this transition for time, as we usually do things in Inditex," he has reiterated.

The new organizational structure incorporates a management committee, composed of managers from different corporate areas and with a long trajectory in the group.

Javier Monteoliva, Legal Director of Inditex, has been appointed Secretary General and the Council and José Arnau Sierra remains vice president of the Board of Directors.

The changes occur at a time when Inditex is culminating its process of digital transformation and its integrated store network and having managed to overcome the first year of the pandemic with benefits.

The group closed 2020, first year of pandemic, with a profit of 1,106 million euros (70% less compared to 3,639 of one year before).

The Board of Directors has grateful to Paul Isla "its leadership and vision during the 17 years in which the company has led", first as Vice President and CEO since 2005, and as of 2011, as President.

In the decade that has been at the head of the group has led its digital transformation, with a single and genuine network model of integrated stores and a logistics that allows you to send garments anywhere in the world. The challenge of the new President will be to give continuity to this whole revolution. Island has guaranteed that "the digital transformation of the company will be a key in the management of the company" from this new stage.

During this period, with island, "Inditex has become the main company of its sector worldwide and a reference in terms of sustainability and digital transformation," adds the group in a statement.

Marta Ortega has developed his activity in different areas of the group during the last 15 years and, in particular, he has directed the reinforcement of the brand image and Fashion proposal of Zara.

As for García Maceiras, he joined the group in March 2021 as Secretary General and of the Council. With extensive experience in corporate and team management, it has led transformation projects in its 20 years of professional activity in both the public sector, as a state lawyer, as in the private sector in companies such as Banco Pastor, Banco Popular, Sareb or Bank Santander.

The appointments will be submitted to the ratification of the next General Shareholders' Meeting.

Updated Date: 30 November 2021, 14:28

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