Inditex Executive Chairman Pablo Isla proposes Carlos Crespo as the Group's CEO 2019-05-26 19:52:38
Inditex Executive Chairman Pablo Isla proposes Carlos Crespo as the Group's CEO
Pablo Isla stressed the importance of Carlos Crespo’s role at a time marked by Inditex’s "strategic digital transformation and far-reaching commitment to sustainability"
Once approved by the Board and at the Annual General Meeting the appointment will take effect in July.
Inditex's Appointments Committee, at the proposal of its Executive Chairman, Pablo Isla, has agreed to submit for approval to the Board of Directors the appointment of Carlos Crespo, currently Chief Operating Officer (COO), as the Group's Chief Executive Officer (CEO). The appointment will take effect following approval by the Board of Directors, once appointed Director by the Annual General Meeting (AGM), to be scheduled in July. The company's shareholders will also be asked to re-elect Pablo Isla as Executive Chairman at the AGM. Carlos Crespo’s track record within the Group and his responsibilities as COO made this promotion the natural next step.
Last year, Pablo Isla announced that all Inditex stores would be fully digital, integrated with the online platform and sustainable by 2020. By then, the RFID system, already completely operational at Zara, Massimo Dutti and Uterqüe, will have been deployed across the rest of the Group's brands, coinciding with completion of the rollout of the eco-efficient store programme, which already covers 86% of the store estate.
Pablo Isla underlined that “what makes Inditex a great company is the commitment and hard work of all the people in the business”. Pablo Isla stressed that Crespo has been doing excellent work in several areas of the company in his capacity as COO and his contribution will be vital “at a time marked by Inditex’s strategic digital transformation and far-reaching commitment to sustainability".
To achieve its targets for 2020, the Group has been executing a store streamlining plan since 2012, which has paved the way for the technological upgrade of 90% of the store network, marked by 3,364 store openings (net of closures), 3,383 refurbishments and extensions and the absorption of 1,400 smaller-sized units in the last six years.
Chief Executive Officer position
In his new position as CEO, reporting to Pablo Isla as Executive Chairman, Carlos Crespo will be responsible for the following areas: Technology (Systems, Data & Digital), IT Security, Logistics and Transportation, Construction and Works, Legal, Procurement and Sustainability. In addition, he will work together with Pablo Isla to define the overall business strategy.
Carlos Crespo expressed his gratitude for the opportunity to contribute to this technological integration of the stores. "I am very excited to play a role at this important time for the company", said Crespo, "in which digital transformation and sustainability in all its manifestations represent exciting challenges where innovation, entrepreneurial spirit and teamwork are prerequisites. Fortunately these are the hallmarks of our corporate culture".
Crespo (48) began his career in auditing, joining Inditex in 2001 as the head of accounting policies in the Finance Department. After moving on to head up the administrative management of inventories at the Group's logistics platforms, in 2005 he assumed responsibility as internal audit director, until 2018, when he was named Chief Operations Officer, a position he will continue to hold until his appointment as CEO becomes definitive in July.