The general meeting of Inditex shareholders will foreseeably approve today the re-election of Amancio Ortega Gaona, founder of the textile empire and main owner, as a member of the board of directors. The multinational’s appointments committee considers that his permanence in the position “contributes to consolidating the process of generational replacement, promoted by himself and personified in the current director” and president of the company, his daughter Marta Ortega, who assumed the position in April 2022.
Amancio Ortega (59.294% of Inditex shares) was re-elected at the 2019 shareholder meeting for a period of four years. The mandate expires in 2023 and the appointments committee believes it appropriate for him to continue as a proprietary director for another four years due to the knowledge and value he brings. In this sense, he highlights that since July 2019 he has attended 97% of the meetings of the board of directors (29) and that his contributions in the debate and decision-making process “become the best possible advice” . He also maintains that his presence on the board contributes to the existence of “counterweights to mitigate the eventual risks associated with the concentration of powers that could exist in the hands of the chief executive” of the company.
The shareholders’ meeting is also scheduled to vote on Tuesday to reduce the governing body from eleven members to ten after the departure of Emilio Saracho. The board is completed, in addition to Marta Ortega and Amancio Ortega, José Arnau Sierra, Óscar García Maceiras (CEO), Flora Pérez (wife of Amancio Ortega), Denise Patricia Kingsmill, Pilar López Álvarez, Anne Lange, José Luis Durán Schulz, and Rodrigo Echenique Gordillo. It is also expected to approve an incentive plan for executives.
Last year Inditex broke its sales and profit record, with revenues of 32,569 million euros (17.5% more than in 2021), and 4,130 million profits. His progress does not stop there, and in the first quarter of the current fiscal year he pulverized his brand again, with profits of 1,168 million euros, 54% more than in the same period of 2022.
These good results have boosted the share of the textile empire, with a revaluation of 46% in the last year and one of the largest capitalizations on the Ibex (106,932 million euros).
