Mon. Jul 22nd, 2019

The Board of Inditex will ratify on Tuesday to have a CEO



The Board of Shareholders of Inditex will vote and, predictably, will approve on Tuesday the appointment as executive director of Carlos Crespo as a step prior to his appointment as CEO of the group, at which time he will move on to share executive functions with the president, Pablo Isla.

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With the appointment of Crespo, which was announced by Inditex on May 23 and that served as general director of Operations, the company that owns brands such as Zara or Massimo Dutti recovers the figure of CEO.

The Board will also be subject to the expansion of the Board of Directors in two seats (up to 11) and the reelection of Isla as executive director, that of the group's founder, Amancio Ortega, as an external proprietary director; and that of the independents, Emilio Saracho, former president of Banco Popular, and José Luis Durán Schulz, all of them for a period of four years.

Likewise, the company will take the Board to approve a fixed annual remuneration for the new CEO of 1.5 million euros.

To this end, it will propose to the shareholders a partial modification of the remuneration policy for directors for the years 2019, 2020 and 2021 in order to add Crespo's annual fixed remuneration for the performance of its executive functions.

The Board must also ratify a long-term incentive plan, in cash and in shares, proposed for managers and other employees, up to a maximum of 600 workers, and that would reward their performance based on the evolution of gross profit, comparable sales or sustainability indexes, among other criteria.

The maximum number of shares subject to the plan amounts to 9.8 million, representing 0.3% of the share capital, of which a maximum of 390,000 are directed to Isla, and a maximum of 260,000 to Crespo.

Shareholders will also vote on the payment of a gross dividend of 0.88 euros per share, of which they were already paid on May 2, 0.44 euros per share and the remaining 0.44 will be effective on November 4.

. (tagsToTranslate) Board (t) Inditex (t) ratify (t) board member (t) delegate



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