Carlos Crespo confirmed as new Inditex CEO
Inditex shareholders confirmed the appointment of Carlos Crespo as chief executive officer at the company’s AGM held in La Coruña, Spain on Tuesday.
Crespo will be promoted from his role as chief operating officer to CEO, while current CEO and chairman Pablo Isla will remain as executive chairman of the Spanish retail group.
As chief executive officer, Crespo will be responsible for defining the global strategy of the company alongside Pablo Isla, and will oversee many aspects of the business including the technology (systems, data & digital), IT security, logistics and transportation, construction & works, legal, procurement and sustainability areas.
Inditex shareholders have also approved a partial amendment of the remuneration policy for directors for 2019, 2020 and 2021 to include Crespo’s new executive function. The new CEO will receive an annual fixed remuneration of 1.5 million euros.
Crespo was proposed as new group CEO by chairman Pablo Isla in May. He joined Zara’s parent company in 2001 as head of accounting policies and became internal audit director in 2005.
His appointment is expected to take effect this month. Speaking about his new role in May, Carlos Crespo said: “I am very excited to play a role at a time when digital transformation and sustainability in all its manifestations represent exciting challenges. Fortunately these are the hallmarks of Inditex’s corporate culture.”
In addition to the election of a new CEO, shareholders confirmed on Tuesday the re-appointment of Pablo Isla as executive chairman and the re-election of Amancio Ortega, José Luis Durán and Emilio Saracho as directors.
Inditex also has created a new sustainability committee within the board of directors, further underlining its “commitment to sustainability”.
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