The former CEO of Inditex renounces compensation of 3 million to continue in the company

Carlos Crespo, CEO of Inditex since 2019 and who, as reported by the company on November 30, has submitted his “resignation” from office, has dispensed with compensation of 3 million euros for it.

As was the case with Pablo Isla, until the group’s executive president, Crespo was entitled to receive a , calculated on his fixed remuneration established for the current year -it rises to a total of 1.5 million euros- in the event that his contracts are terminated by the unilateral will of the company or because, as has happened, he submitted his resignation.

Unlike Pablo Isla, however, he joins the company as General Director of Operations, Sustainable and Digital Transformation, effective immediately.

Several options

As explained by the sources consulted by this newspaper, in the face of the replacement in the management 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 received the compensation, stayed, executing the clause stipulated in the case of a relief, entering the 3 million or, on the contrary, as he has done, assuming a lower position and renouncing any type of compensation . Isla, who does leave the company, will charge a total of 6.5 million for the same clause, apart from a pension of 9 million more.

The until now CEO and second executive of the group, 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 that he held until 2018, when he was appointed General Director of Operations, the same position that he is occupying again now. 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 in this time” and I insist that his appointment is, as now, “with the aim of continuing to promote these areas (Operations, Sustainable and Digital Transformation) , of the utmost importance in the Group’s strategy”.