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Nov 25, 2022
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Carlos Crespo exits Inditex after 20 years with the company

Translated by
Nov 25, 2022

Inditex is progressively separating itself from its ties with Pablo Isla's era. Carlos Crespo, who was among the ex-president's key personnel at the Spanish group and who served as CEO between July 2019 and November 2021, will be leaving the textile company at the end of the fiscal year 2022 to "start a new stage in his professional career".

Carlos Crespo, chief operating officer and head of sustainable and digital transformation at Inditex. - Inditex

Inditex announced the executive's departure, after two decades with the company founded by Amancio Ortega, through a brief statement sent to the CNMV (Comisión Nacional del Mercado de Valores).

"His departure comes after having significantly contributed to the internal reorganization process that began in November 2021 with the appointment of Óscar García Maceiras as CEO," the company explained. Upon Maceiras' promotion, Crespo was appointed as the group's chief operating officer and head of sustainable and digital transformation. At the same time, the Arteixo-based company announced the end of Isla's 17-year tenure as chairman, during which he also held the position of CEO. This transition period ended in April 2022, when Marta Ortega was named as the company's new chairwoman. 

Furthermore, Inditex executives wished to highlight "his personal contribution to the design and execution of this process, as well as his exemplary career within the group over more than two decades and, in particular, his performance in positions of high responsibility".

Upon his departure, the executive will free up a seat on the management committee, which will be filled by the company's sustainability director, Javier Losada. He joined the group in 1993 and assumed the position three years ago. Throughout his career at Inditex, the executive was responsible for risk management as well as planning and management control.

"Its incorporation ratifies Inditex's high commitment to sustainability and its growing commitment to promote both its own transformation and that of its sector as a whole, reinforcing its leading role in moving towards circularity," explained the Spanish company in a statement.

Since Marta's arrival at the helm of the company, Inditex has accelerated its progressive transformation in order to affirm its steps forward in terms of sustainability, as well as to elevate its positioning and improve brand perception. The organization of high-profile exhibitions, such as the one recently held at La Couña paying tribute to Steven Meisel's work, has been accompanied by the launch of more premium collections as well as collaborations with leading names in fashion. 

In terms of management, one of its first changes involved the communications team. In April, Jesús Echevarría was replaced as head of the department by Raúl Estradera, one of the Ortega family's most trusted advisors. Echevarría had held the position as chief communications officer since Isla's arrival in 2005. 

In the first half of the current financial year, the Spanish group increased its profits by 41% to €1.79 billion. In addition, turnover grew by 25% at constant exchange rates to €14.8 billion. The financial results for this year's third quarter will be presented on Wednesday, December 14.

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