INDITEX : The Board of Directors of Inditex agrees to appoint Marta Ortega as Chairwoman, and Óscar García Maceiras as Chief Executive Officer

30 November 2021

The Board of Directors of Inditex agrees to appoint Marta Ortega as Chairwoman, and Óscar García Maceiras as Chief Executive Officer

The Board of Directors of Inditex, at the initiative of its Executive Chairman Pablo Isla and its founder Amancio Ortega, and following the proposal of the Nomination Committee, has approved the appointment of Marta Ortega Pérez as Chairwoman of the Group, as a proprietary director, effective as from 1 April 2022. Óscar García Maceiras, up to now General Counsel and Secretary of the Board, has been appointed Chief Executive Officer of Inditex, effective immediately. José Arnau Sierra remains as Deputy Chairman of the Board of Directors. With this, the Board of Directors completes the generational handover process initiated in 2011 with the replacement of Amancio Ortega as Chairman of Inditex. The appointments will be presented for ratification at the next Annual General Meeting.

The Board of Directors thanks Pablo Isla for his leadership and vision during the 17 years he has led the company, firstly as Deputy Chairman and CEO since 2005 and, from 2011, as Executive Chairman. During this period, Inditex has become the leading company in its sector worldwide and a benchmark in Sustainability and Digital Transformation. Pablo Isla will continue as Executive Chairman until 31 March.

The Board of Directors would also like to thank Carlos Crespo, Chief Executive Officer of the Group since July 2019, for his outstanding performance during this time. Carlos Crespo has been appointed Chief Operating Officer (Managing Director of Operations, Sustainable and Digital Transformation) of Inditex, with the aim of continuing to promote these areas, areas which are of the utmost importance to the Group's strategy. Javier Monteoliva, Head of Legal of Inditex and Deputy Secretary of the Board of Directors until now, has been appointed General Counsel and Secretary of the Board.

The new organisational structure incorporates a Management Committee, made up of executives from different corporate and business areas and with a long track record in the Group.

Marta Ortega Pérez has worked in different areas of the Group for the last 15 years and, in particular, has led in the strengthening of Zara's brand image and fashion proposition, an area she will continue to oversee. Under her leadership, campaigns have been developed with the most renowned creative people in the sector, such as Steven Meisel, Fabien Baron, Karl Templer and Luca Guadagnino, as well as the launch of new premium collections, including Zara SRPLS and Charlotte Gainsbourg by Zara.

Óscar García Maceiras joined the Group in March 2021 as General Secretary and Secretary of the Board. With extensive experience in corporate and team management, he has led transformation projects in his 20 years of professional activity both in the public sector, as a Spanish State Attorney, and in the private sector in companies such as Banco Pastor, Banco Popular, SAREB or Banco Santander.

Pablo Isla has stated:

"I would like to thank the Board, and especially Amancio Ortega, for the support and trust placed in me during all these years. Now we believe that the time has come to turn a new page, with Marta Ortega as Chair and Óscar García Maceiras as Chief Executive Officer, whose appointment was already foreseen since his incorporation into the Company due to his abilities and qualities. Making this transition a reality is the culmination of my commitment to Inditex and to Amancio Ortega. I would also like to thank each and every one of the people who form part of Inditex for their work and dedication".

Marta Ortega Pérez has said:

"We are enormously grateful to Pablo Isla for his extraordinary work and dedication over the years. I would like to highlight his immense contribution, not only to our Group but also to the fashion industry in general. I have lived and breathed this company since my childhood, and I have learned from all the great professionals I have worked with over the last 15 years. I have always said that I would dedicate my life to building upon my parents' legacy, looking to the future but learning from the past and serving the Company, our shareholders and our customers where I'm most needed. I'm deeply honoured by the trust that has been placed in me, and enormously excited about the future that we are all about to embark upon together".

Óscar García Maceiras has stated:

"I assume with great responsibility and enthusiasm the new functions entrusted to me, with the peace of mind of having a great team, full of youth, experience and talent in all the areas and countries in which we are present, of which the Management Committee we have established is a good example".

The following persons have been appointed to the Management Committee:

- Carlos Crespo González, Chief Operating Officer (Managing Director of Operations, Sustainable and Digital Transformation), INDITEX

He joined Inditex in 2001 and held various responsibilities in the Finance area. He was appointed Director of Internal Audit in 2005, a position he held until 2018, when he was appointed Chief Operating Officer (Managing Director of Operations, Sustainable and Digital Transformation). In 2019 he was appointed Chief Executive Officer, a position he has held until the present.

- Pablo del Bado, Managing Director, PULL&BEAR.

He joined the Group in 1979 and in 1982 he became responsible for the Commercial Management of Zara Man. He has been General Manager of Pull&Bear since its inception in 1991 and in 1992 he inaugurated the first Lefties store, from which he developed this chain.

- Miguel Díaz, Director of Finance and Operations, ZARA

He joined Zara in 1990 carrying out various responsibilities in the Management Control area, in International Management and other areas of the business. He is currently in charge of Economic-Financial, Operations and Sustainability management at Zara.

- Ignacio Fernández, Chief Financial Officer, INDITEX

Member of the Superior Body of State Finance Inspectors, Doctor in Economics and Professor at the UDC, he joined Inditex in 2001 as Head of the Tax Department. Since 2009, he has been the Group's Chief Financial Officer.

- Javier García Torralbo, Managing Director of E-commerce, ZARA

He joined Zara in 1994. After extensive experience in Store management, he was appointed Director of Distribution of Zara, a position he held until his appointment as Managing Director of Zara.com in 2010.

- Begoña López-Cano, Chief People Officer, INDITEX

She joined the Group in 2003 after a long career in the Human Resources area in large Distribution Companies. In 2003 she was appointed Head of Human Resources for the Zara Logistics area and in 2005 she assumed the same responsibility for the Inditex Group. Since 2008, she has been the Chief People Officer at Inditex.

- Beatriz Padín, Director of Woman, ZARA

She joined Zara in 1985, where she has always been linked to executive positions in the Product area, with responsibility for Design, Purchasing, Production, Distribution and Merchandising. Since 2001 she has been the Commercial Director of Zara Woman.

- Jorge Pérez Marcote, Managing Director, MASSIMI DUTTI

He joined Zara in 1981, where he assumed different responsibilities at Zara Man, as Buyer and Design Director for 10 years. In 1991 he was appointed Managing Director of Massimo Dutti, a position he currently holds.

- Óscar Pérez Marcote, Managing Director, ZARA

He joined Zara in 1988, where he develops multiple responsibilities in different areas of the business, with special emphasis on the management of Stores, Product and Operations. He was appointed Managing Director of Bershka in 2005 and in 2011 he assumed his current position as Managing Director of Zara.