The death in an accident last Saturday of the president and founder of Mango, Isak Andiccaused a huge impact while opening up many unknowns about the future of the brand, particularly with regard to its governance model.
Today, less than a week has passed since the mountain accident in Montserrat in which Andic died, the fashion multinational has issued a statement in which it confirms, as had already been stated, that Mango is committed to continuity about two basic ideas. On the one hand, the clear commitment to the separation between the ownership of the firm and the management will be maintained, while at the same time confirming Tony RuizCEO, as the key person in the future of the brand, assuming his current functions as chief executive as president on a provisional basis. The aim is to provide “perfect business continuity in line with the 24-26 Strategic Plan, as well as a correct presidential successionwhich will be announced in due course.
In a statement made public today, Mango maintains that the company “has had a solid and fully defined corporate governance structure for two years, in which the Board of Directors and the Management Committee materialize the differentiation of ownership and management.” , as well as the professionalization of the company». In this sense, the brand confirms that «the death of Isak Andic does not represent a change in the company’s governance structure. Mango has the appropriate mechanisms to guarantee perfect business continuity in line with the 24-26 Strategic Plan, as well as a correct succession of the presidency, which will be announced in due course. “Until that date, Toni Ruiz, current CEO and vice president of the Board of Directors, assumes the functions of president.”
The announcement by Mango is relevant, as it clarifies the future, at least immediate, of the company in terms of its management. It remains to be known, in no small way, how the company’s property is distributed once the will of Isak Andic, who owned 95% of the property, is known; the other 5% is in the hands of Toni Ruizthe way the founder had of expressing, from inside and outside, the total confidence he had in Ruiz, who straightened the course of the company after the period of contraction during which Jonathan Andic, the founder’s first-born, Mango led.
In this sense, the firm’s statement reaffirms Toni Ruiz as a key figure. «As CEO, Toni Ruiz is the architect of Mango’s transformation. Under his leadership, the company achieved the best results in its history in 2023, with a growth above the market and with a healthy financial situation,” adds the firm. Only a change now not contemplated under the new ownership structure derived from Andic’s will could alter the current governance.
Toni Ruiz joined Mango in 2015 as CFO, a position he held until his appointment as CEO in 2018. In March 2020, Toni Ruiz was appointed CEO of Mango, becoming the company’s first executive after Isak Andic’s decision to retire from executive management.
In this sense, the brand highlights that it has “a solid and stable corporate governance model, aligned with market standards and fully defined for two years.” This model is formed by a Board of Directors, made up of eight advisors -four executives and four independents- and a Management Committee, with an “outstanding track record in the industry, who leads the implementation of Mango’s strategy and its business management.”
In this regard, it is insisted, “the commitment of Isak Andic, founder of Mango, to professionalization and the implementation of best practices in corporate governance “They are the best guarantee to give continuity to the Strategic Plan that marks Mango’s roadmap in the coming years.”
In this sense, Toni Ruiz, and Jonathan Andic -representing the Andic family- and member of the Board of Directors, reiterated this week to the Mango staff “the commitment to maintain the spirit, vision and values of Isak Andic to preserve his legacy.”
The maximum supervisory body at Mango it is the Board of Directors, which is made up of Toni Ruiz (through his company Ionian Investments), CEO and Vice President of the Board; Jonathan Andic, Daniel López and Margarita Salvans, as executive directors; and four independent directors of recognized prestige in the corporate and business field: Jordi Canals, professor and president of the Center for Corporate Governance at the IESE Business School; Jorge Lucaya, founding partner of AZ Capital; Jordi Constans, director and former director of various national and international companies; and Marc Puig, president and CEO of Puig. Eugenia Jover, responsible for Mango’s legal advice, is the non-advisory secretary of the board itself.
As the company recalls, in December 2023, Mango saw “the long-term commitment of its government team with the entry of the CEO, Toni Ruiz, into the group’s shareholding. An operation proposed by Isak Andic and supported by the Mango Board of Directors.
The business management of the group is in the hands of the Management Committeewhich is made up of eleven members who represent the main areas of the company. Leading Toni Ruiz as CEO of the company, Jonathan Andic, global director of Mango Man; Luis Casacuberta, product and sustainability director; César de Vicente, retail director; Elena Carasso, online and client director; Daniel López, director of expansion and franchising; Blanca Muñiz, brand director; Jochen Grosspietsch, Supply Chain Director; Jordi Álex Moreno, director of technology, data, privacy and security; David Payeras, director of human resources; and Margarita Salvans, financial director.
As the firm highlights, Mango is one of the main global fashion groups, which beat its billing record in 2023 reaching 3,100 million euros in 2023, and currently has more than 15,500 employees and a presence in more than 120 markets on five continents, with a network of 2,800 points of sale, and significant online activity.
The company entered a new phase of growth with the presentation of its 2024-2026 Strategic Plan, a roadmap points to the horizon of 2026 and sets the objectives of opening 500 new points of sale and exceed 4,000 million euros in turnover, doubling the profit at the same time. “A double-digit growth that the company faces with the guarantee of having closed its last year with a healthy financial situation, the result of the financial consolidation process carried out in recent years after Ruiz took over as head of the company,” it is concluded. .
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