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Inditex will pay 6.5 million to Pablo Isla after 'resigning', but ... won't be able to go to competition until 2024 - Executive Digest

Inditex will pay 6.5 million to Pablo Isla after ‘resigning’, but … won’t be able to go to competition until 2024 – Executive Digest

When he leaves Inditex on March 31, 2022, Pablo Isla will receive €6.5 million in compensation. The entrepreneur is entitled to a gross wage equal to two annual salaries, however, he will not be able to participate in the competition until 2024.

In addition to this amount, ElEconomista reveals, Isla may also receive an accumulated pension of €9.05 million.

The advanced information reveals that, as stated in the Group’s Remuneration Policy Report, the entrepreneur will not be able to work for any competing company for the next two years.

“With respect to a post-contractual abstention agreement, for all Directors, regardless of type, Article 24.3 of the Board Regulations provides that a member who has terminated his term of service or for any other reason for ceasing to exercise his office, shall not be able to render the services of In another entity that has a corporate purpose similar to that of the two-year corporation,” it can be read in the document.

Pablo Isla still owns 0.063% of the company’s capital, equivalent to 55.7 million euros, according to stock exchange quotes at the end of Thursday. In addition, there are two types of long-term incentive plans, in which you will receive a total of 152,301 shares worth 4.3 million euros, according to “elEconomista”.

Current President Marta Ortega commented, “We are very grateful to Pablo Isla for his exceptional work and dedication during all these years,” stressing her predecessor’s contribution “not only to the group [Inditex], but also for the fashion industry in general.”

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Marta Ortega was appointed on Tuesday as the new president of Inditex, replacing Pablo Isla at the helm of the Spanish clothing giant from March 21 next year.

“The Board of Directors of Inditex, at the initiative of its Chairman Pablo Isla and founder Amancio Ortega (…) has approved the appointment of Marta Ortega Pérez as Group President,” the company said in a statement sent to the Spanish market supervisor.