The CEO of Inditex, Óscar García Maceiras, has gone to the market to acquire his first package of shares in the textile giant since his appointment as CEO. A position he has held since last November 30, when the company announced the future replacement of the executive president, Pablo Isla, by Marta Ortega, with effect from April 1. The appointment of García Maceiras, who replaced Carlos Crespo, did have immediate effects.
Just 15 days later, the executive bought more than 100,000 euros in company shares. Specifically, a total of 3,645 titles were acquired, at a price of 28.12 euros, which results in a figure of 102,500 euros.
It did so on December 16, according to the records of the National Securities Market Commission (CNMV), which detail that they were bought on the Madrid stock market. At the close of that session, the value of the group’s share stood at 27.83 euros. This implies that García Maceiras paid a price 1% higher than that set by the market, trusting in Inditex’s upward potential after a few months of ups and downs. This same Thursday, the textile shares already exceeded that level.
This package has been acquired by the new CEO of the company on an individual basis, so it is not related to his appointment or to the company’s compensation plans. These contemplate the distribution of shares within the variable salary, both annually and in the long-term programs, both of the CEO and the president, according to the degree of fulfillment of certain business objectives.
In the case of the former CEO, Carlos Crespo, there are no individual purchases of shares in the CNMV records. Yes, the delivery of 3,834 shares as settlement of the second cycle of Inditex’s long-term incentive plan between 2016 and 2020. Its price was 22.51 euros. At the end of 2020, it had a total of 186,255 shares of the group, obtained by the different incentive plans.
Garcia Maceiras In this way, it will fatten its participation in the textile industry. Once they are received, the group’s remuneration plan sets that they must be retained for a minimum period of three years as long as they do not reach an amount equivalent to two annual payments of their fixed salary, that is, three million euros. Shares purchased on the market do not have to meet this condition.
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