Inditex’s top management earned a record 79 million in 2021, three times the previous year

The past year has been tumultuous under the leadership of Inditex. In November, it was announced that Marta Ortega would replace Pablo Isla as president, while Óscar García Maceiras would do the same. Carlos Crespo He was in the CEO position and four executives would continue to perform senior management functions, so the number of senior executives increased from 21 to 23. A few months ago, two heavyweights left the Galician multinational, Antonio Abril and Ramon Ren6n, receiving their respective compensation. It was also the first year that the amount corresponding to the first cycle of the long-term incentive plan for senior managers was paid. All these circumstances led the company to pay its top executives €79.2m last year, 10 of which were in compensation. annual memory as in Corporate Governance Report corresponds to the company’s fiscal year 2021.

It is not included in the 79.2 million item. salaries nor Paul Island nor that of the two CEOs it had last year: Carlos Crespo until 30 November and Oscar Garcia Maceiras from that date.

This 79.2 million payrolls is the highest amount paid by Inditex in its own history. 30.8 million in 2018; It rose to 31.1 in 2019 and fell to 27 in 2020. In other words, the 80 million senior executives pocketed in 2021 is almost three times more than in the previous year.

On your own behalf 10 million compensation It is also the largest amount in its history. A figure that contradicts the absence of this type of expense since 2013. The previous highest amount paid for the departure of its directors was given in 2005, when 6.6 million was paid. In September of that year, José Maria Castellano He resigned from his vice-chairmanship. A few months before Pablo Isla arrived.

79.2 million corresponds to the remuneration of 23 top executives owned by the company – chief executive, Paul IslandAs CEO, Carlos Crespothe first and since last November Oscar Garcia Maceiras— and includes both fixed and variable fees accrued in fiscal 2021. Accounts issued by the Galician multinational do not disclose the amount of the fixed salary, but in previous years it was around 30 million.

Regarding variable remuneration, no item was devoted to this section in 2020, while last year it included the long-term variable related to the first cycle of the 2019-2023 incentive plan (2019-2022). For this concept, 23 leaders received 27.5 million, 13.4 million cash and 14.1 million Inditex shares, corresponding to a total of 648,398 titles.

In addition to fixed and variable pay, the 79.2 million includes 10 that the company has compensated several executives for after they left. They broke up last year, though the company didn’t specify the amounts each executive received. Inditex two dates. In January, Antonio Abril Abadin He resigned from the Inditex general secretary and board of directors. He had been with the firm for over thirty years. Instead of Oscar Garcia MaceirasPromoted to CEO position in November.

Another historic man left in June, Ramon RenonHe has been in the multinational company since 1992 and has been deputy general manager to the president since 2008. He was considered one of Amancio Ortega’s trusted men and resigned voluntarily.

With the separation of these two heavyweights, the leadership was reduced to 19 members.. But last December it rose to 23, and with that senior executive salaries.

Senior management of Inditex

Beatriz Padin Santos’s photo. (Zara’s female director), Miguel Diaz Miranda (Zara’s finance and operations manager) and Javier Garcia Torralbo’s photo. (Zara’s general manager of e-commerce) continued to hold senior management functions when they were appointed as a member of the company’s management committee. Moreover, Carlos Crespo He continued to be a senior executive as chief operating officer.

In addition, there is an accrued fee (not disclosed to the public by the company) within the amount of 79.2 million TL. Oscar Garcia Maceiras between 31 March 2021, when he was appointed, and 30 November 2021, when he was elected as the new CEO, for the performance of his duties as general secretary and board of directors, where he left his position in the top management. Also includes salary Carlos Crespo Gonzalez As the general manager responsible for the operations, sustainable and digital transformation of the group, and Javier Monteoliva DiazAs director of law until November 30, 2021, and as secretary general and board of directors from December 1, 2021 until the end of fiscal year 2021 on January 31, 2022.

Between 23 members of the dome are the heads of the chains Inditex: José Pablo del Bado (director of Pul&Bear); Antonio Florez (director of Bershka); Maria Lorraine Mosque (manager of Zara Home); Jorge Perez Marcote (directed by Massimo Dutti); Oscar Perez Marcote (Zara’s director); José Luis Rodriguez (director of Uterqüe); Beatriz Padin Santos’s photo. (Zara’s female director) and Carmen Sevillano (Oysho’s director).

23 senior executives and directors There is a guarantee condition in case of dismissal. Inditex —because of unfair or invalid dismissal—or because they left the company voluntarily. In these cases, they are entitled to gross compensation equivalent to two annual payments calculated on fixed and variable wages for that year.

Source: Informacion

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