The past year at Inditex has been marked by significant leadership changes and notable shifts in executive compensation. In November, Marta Ortega was announced to succeed Pablo Isla as president, with Óscar García Maceiras taking the role of chief executive officer. Carlos Crespo remained in the CEO circle until November, and four other senior managers continued in elevated roles, increasing the total number of senior executives from 21 to 23. Earlier, two high-profile exits occurred: Antonio Abril and Ramon Renón left the Galician multinational, receiving their respective settlements. It was also the first year that the initial cycle of the long‑term incentive plan for senior managers was paid. Taken together, these developments led the group to report a total top‑level compensation of €79.2 million for the prior year, of which €10 million was a cash element. The annual report for the 2021 fiscal year outlines these figures clearly.
What stands out is that the €79.2 million figure does not include salaries for Isla or the two current chiefs who had held top posts last year: Crespo through November 30 and García Maceiras from that date onward.
Inditex has thus disclosed that the 79.2 million payroll represents the highest sum ever paid to its top executives. Previous years show a different arc: 2018 at €30.8 million, rising to €31.1 million in 2019, and dropping to €27 million in 2020. In other words, the 2021 total for senior leadership is almost three times greater than the prior year.
Within this total, around €10 million represents compensation paid to executives departing during the year. That amount marks the largest post‑employment payout in Inditex’s history and contrasts with no such outlay recorded since 2013. The previous peak in director departures occurred in 2005, when €6.6 million was paid after José María Castellano resigned from his vice chairmanship shortly before Pablo Isla’s arrival.
The €79.2 million includes the remuneration for 23 senior leaders who served as CEO, chief operating officer Crespo, and García Maceiras from the dates noted above, including both fixed and variable components accrued during the 2021 fiscal year. The company does not disclose fixed salaries in detail, though past reports indicate the fixed portion hovered around €30 million in earlier years.
Regarding variable pay, 2020 saw no allocation to this component, while 2021 included a long‑term variable related to the first cycle of the 2019‑2023 incentive plan (2019‑2022). In total, 23 leaders received €27.5 million in variable remuneration, comprising €13.4 million in cash and €14.1 million in Inditex shares, equating to 648,398 shares in total.
Beyond fixed and variable pay, the €79.2 million also covers compensation to several executives after they left the company. The company split this out in January and June of the year: Antonio Abril Abadín resigned as general secretary and board member after more than thirty years with Inditex, while García Maceiras was promoted to CEO in November. Ramon Renón, another long‑time senior figure since 1992 and deputy general manager to the president since 2008, also departed during the year. His exit was noted as voluntary, and he was considered a trusted ally of the founder.
With the departures of Abril Abadín and Renón, the leadership team contracted to 19 members, before expanding again to 23 in December, along with the associated senior executive salaries.
Senior management of Inditex
The leadership lineup includes Beatriz Padín Santos, a prominent Zara director, Miguel Díaz Miranda, who oversees Zara’s finance and operations, and Javier García Torralbo, who runs Zara’s e‑commerce operations, all of whom continued to serve on the management committee. Carlos Crespo remained the chief operating officer and senior executive. An accrued, non‑public portion of the €79.2 million reflects the period from March 31, 2021, to November 30, 2021, when García Maceiras served as general secretary and board member, before stepping into the CEO role. It also covers Crespo’s responsibilities as operations, sustainability, and digital transformation lead, and includes the service of Javier Monteoliva Díaz as law director until November 30, 2021, and then as secretary general and board member from December 1, 2021 to January 31, 2022.
Among the 23 executives, the heads of Inditex’s brands are represented: José Pablo Del Bado (Pull&Bear), Antonio Flórez (Bershka), Maria Lorraine Mosque (Zara Home), Jorge Pérez Marcote (Massimo Dutti), Oscar Pérez Marcote (Zara), José Luis Rodríguez (Uterqüe), Beatriz Padín Santos (Zara’s female director), and Carmen Sevillano (Oysho). The structure reflects a consolidated leadership group with a clear distribution across the company’s major fashion chains.
There is a compulsory severance provision for the 23 senior executives and directors. If an employee is dismissed unfairly or without justification, or if they leave the company voluntarily, they are entitled to a gross severance payment equal to two annual salaries based on fixed and variable wages for that year.