Marta Ortega will receive 900,000 euros for her new position as non-executive president
Pablo Isla will leave Inditex on April 1 with a compensation of 23 million euros, according to the company’s annual remuneration report. Of these, 19.74 million are from the post-contractual non-competition agreement, of which Isla will receive the first 3.25 million in the first half of April.
Another 16.49 million will remain pending, which will be paid in the 15 days following the approval of the agreement at the next shareholders’ meeting. To all this must be added another 3.25 million, corresponding to an annuity of his contract as compensation for the end of the contractual relationship, until reaching those 23 million.
In the last year at the head of Inditex, Isla received a total remuneration of 12.44 million, double that of the previous year, according to the report that the Galician firm has sent this Wednesday to the National Securities Market Commission (CNMV). Specifically, Isla received almost 10 million as compensation and 2.5 million in shares.
Inditex has also modified the non-competition agreement that would leave the term in which the manager will not be able to work in companies in the same or similar sectors at two years. Specifically, the pact covers the “marketing of products that are the same, similar or complementary to those marketed by the Inditex group through online channels and logistics services.”
Marta and Amancio Ortega
For her part, and as stated in the report, Marta Ortega will receive 900,000 euros of annual fixed remuneration for her new position as non-executive president. To that figure she will have to add another 100,000 euros per year as a proprietary director.
The company’s founder and main shareholder, Amancio Ortega, will enter no less than 1,718 million euros in dividends, 400 million more than what he received in the previous year. In total, the company will pay its shareholders 2,898 million euros this year, after raising the dividend by 33%, to 0.93 euros per share.
For his part, the new CEO, Óscar García Maceiras, will have a fixed salary of 2.5 million, compared to 1.16 million for Carlos Crespo (the previous CEO) who, however, had fewer functions than the current.
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