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Marta Ortega will receive one million euros a year as president and director of Inditex | Economy

The next non-executive president of Inditex already has a salary. Marta Ortega Pérez will have a fixed salary of 900,000 euros per year, an amount to which another 100,000 euros must be added for being a director of the fashion group founded by her father, Amancio Ortega, in Arteixo (A Coruña), according to records. in the company’s remuneration report. The heiress to the textile empire, owner of brands such as Zara, Massimo Dutti and Bershka, will take possession of her new position on April 1.

The remuneration of the president, who has been working in the house for 15 years on issues related above all to Zara’s women’s collections, will not contemplate any other remuneration element or additional compensation to that million euros, which will be paid in cash, according to Inditex . Her father, the largest shareholder with 60% of the capital and who left the post of president in 2011, will enter 1,718 million euros in dividends this year, above the 1,294 million he received last year.

The appointment of Marta Ortega represents a shift in the corporate governance structure of the company, which thus joins the growing list of listed companies that have a non-executive president and delegate that executive responsibility to the CEO, Óscar García Maceiras. The still president, Pablo Isla, who will leave the company at the end of the month after agreeing to a lucrative settlement of 26.9 million euros, including 19.7 million for not working for the competition in two years, had executive duties, as did his predecessor, Amancio Ortega, who left the post in 2011.

To determine Marta Ortega’s salary, the figure recorded until now for the president (the case of Pablo Isla), which was a fixed salary of 3.25 million euros, apart from the variable remuneration, has been revised. In addition, the CEO, Óscar García Maceiras, will receive a fixed annual salary of 2.5 million, a bonus of up to 3.75 million plus multi-year incentive plans in cash and in shares.

Until now, Marta Ortega had not held a formal position in the company, although her name had been around for years to succeed the founder, who turns 86 at the end of March. The largest shareholder of Inditex repeated last year as the first fortune in Spain, with assets of 67,000 million euros, according to the list prepared by the magazine Forbes. At a great distance, her eldest daughter and second shareholder of the group, Sandra Ortega, occupied the second position of the rankingwith 6,300 million to his credit, 700 more than the previous year.

The company published its annual results this Wednesday: it closed 2021 with a net profit of 3,243 million, almost triple that of 2020, the most difficult year in its history due to the pandemic. The turnover last year reached 27,716 million, 36% more.

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