The former CEO of Inditex waives a compensation of 3 million to remain in the company

Carlos Crespo, Inditex’s CEO since 2019 and who, according to the company announced on November 30, has presented his “resignation” from the position and has dispensed with a compensation of 3 million euros for it.

As was the case with Pablo Isla, until the executive president of the group, Crespo had the right to receive a gross compensation for an amount equivalent to two annuities, calculated on his fixed remuneration established for the current year – it rises to a total of 1, 5 million euros – in the event that your contracts are terminated by the unilateral will of the company or because, as has happened, you will submit your resignation.

Unlike Pablo Isla, however, Crespo leaves his position as CEO, being replaced by Óscar García Maceiras, but continues in the company as General Director of Operations, Sustainable and Digital Transformation, with immediate effect.

Several options

According to the sources consulted by this newspaper, in the face of the change in the executive leadership after the appointment of Marta Ortega as president and the departure of Isla, Crespo had several possible options. He could have left the group and collect compensation, stay, executing the stipulated clause in the case of a change, entering the 3 million or, on the contrary, as he has done, assume a lower position and renounce any type of compensation . Isla, who does leave the company, will receive a total of 6.5 million for the same clause, apart from a pension of 9 million more.

Until now, the group’s CEO and second executive, behind only Isla, joined Inditex in 2001, performing various responsibilities in the financial area. In 2005, he was appointed Director of Internal Audit in 2005, a position he held until 2018, in which he was appointed General Director of Operations, the same position that he now occupies again. As Pablo Isla’s most trusted person, in 2019 he was appointed CEO, a position he has held to date.

Thanks

In the statement sent to the CNMV, the Inditex board of directors thanks Crespo for “his outstanding performance at this time” and I insist that his appointment has as now the “purpose of continuing to promote these areas (Operations, Sustainable and Digital Transformation) , of the utmost relevance in the Group’s strategy “.