When he leaves Inditex on March 31, 2022, Pablo Isla will receive compensation in the amount of € 6.5 million. The entrepreneur is eligible for a gross remuneration equivalent to two annuities, but he will not be able to participate in the competition until 2024.
In addition to this amount, according to “elEconomista”, Isla can also receive a funded pension in the amount of 9.05 million euros.
The expanded information indicates that, as stated in the Group’s Remuneration Policy Statement, the entrepreneur will not be able to work for a competitor for the next two years.
“With regard to the post-contractual abstinence pact, as well as for all members of the Board of Directors, regardless of their type, Article 24.3 of the Rules of the Board of Directors provides that a member who terminates his term of office, or for any other reason in the event of termination of his office he will not be able to provide services in another enterprise, which has a corporate goal similar to that of the company, for two years, ”the document says.
Pablo Isla still owns 0.063% of the company’s capital, the equivalent of € 55.7 million, according to stock exchange prices at the end of this Thursday. In addition, there are two long-term incentive plans under which you will receive a total of 152,301 shares worth € 4.3 million, according to elEconomista.
“We are immensely grateful to Pablo Isla for his outstanding work and dedication over the years,” commented current President Marta Ortega, highlighting her predecessor’s contributions “not only for the group. [Inditex]but also for the fashion industry as a whole. “
The daughter of the richest man in Spain leads inditex
Marta Ortega was named the new president of Inditex this Tuesday, replacing Pablo Isla at the helm of the Spanish clothing giant from 21 March next year.
“The Board of Directors of Inditex, at the initiative of its President Pablo Isla and its founder Amancio Ortega (…), approved the appointment of Marta Ortega Perez as president of the group,” the company said in a statement to the controller of the Spanish market.
