Inditex rewards its top executives with 14.8 million euros in shares

Madrid – Following the guidelines set for the execution of its 2023 to 2027 Long-Term Incentive Plan, the Spanish fashion multinational Inditex group has distributed 14.8 million euros (17.06 million dollars) in shares among its top executives.

The company has included Carlos Torretta, husband of its executive chairwoman Marta Ortega Pérez, in this group of beneficiaries, despite him not holding any position within the Spanish company's senior management.

Inditex distributes shares among top executives

On July 11, 2023, during the Inditex Annual General Meeting, shareholders of the Spanish fashion multinational approved a long-term incentive plan. This plan, involving payment in cash and shares, is aimed at members of the management team, including executive directors and other company employees. It aligns with the new remuneration policy for Inditex directors for the 2024, 2025 and 2026 financial years.

The plan covers the period from 2023 to 2027 and is structured in two cycles. The first runs from February 1, 2023, to January 31, 2026, followed by a second cycle from February 1, 2024, to January 31, 2027. During these periods, the company's top executives will be rewarded with a maximum of 7.5 million shares, with 183,750 allocated to its chief executive officer. They will be informed individually of these rewards and their economic equivalent. The rewards for the first cycle (2023 to 2026) will be delivered in the calendar month following the 2025 Inditex annual accounts. Those for the second cycle (2024 to 2027) will be delivered in the calendar month following the presentation of the 2026 results.

Based on this remuneration scheme, following the presentation of Inditex's 2025 annual accounts on March 11, the company has now paid these incentives. It has distributed a total of 301,220 shares to its management, at a unit price of 49.24 euros per share. These figures bring the total value of the shares distributed by Inditex, as part of the first phase of its long-term incentive plan, to over 14.83 million euros.

From Óscar García Maceiras to Carlos Torretta

As reported by the Spanish company's management to the National Securities Market Commission (CNMV), Inditex has rewarded a total of 14 top executives as part of this first stage of its incentive plan. This group includes Carlos Torretta, husband of Marta Ortega Pérez, who has been the non-executive chairwoman of Inditex since April 1, 2022. This is despite the fact that, as stated in the records filed with the CNMV, he is not recognised as holding any position within the company's senior management. He is only designated as a “person closely associated” with the non-executive chairwoman of Inditex.

Delving into the share-based reward by Inditex, as of April 1, 2026, the company has awarded Óscar García Maceiras, the group's chief executive officer, a total of 39,908 new shares, valued at over 1.96 million euros. This volume of group shares makes Maceiras the executive receiving the most shares from the first cycle of the incentive plan.

Below Maceiras, the company has clearly defined two levels of executive rewards through the delivery of company shares. The first level involves the distribution of 26,515 shares, valued at 1.30 million euros, which have been individually awarded to: José Miguel Díaz Miranda, chief financial and operating officer of Zara; Ignacio Fernández Fernández, corporate general manager of Inditex; Javier García Torralbo, director of the digital department; Begoña López-Cano Ibarreche, chief people officer; María Beatriz Padín Santos, director of the women's department at Zara; Jorge Pérez Marcote, director of Massimo Dutti and brother-in-law of Amancio Ortega; Óscar Pérez Marcote, director of Zara and also brother-in-law of Amancio Ortega; and Javier Monteoliva Díaz, general counsel and secretary of the Board of Directors of Inditex.

At a second, lower level, rewards of 14,734 shares, valued at over 725 thousand euros, have been received by three top executives of the Spanish fashion multinational. These individuals are Antonio Flórez de la Fuente, director of Bershka; José Andrés Sánchez Iglesias, chief financial officer of Inditex; and Jordi Triquell Valls, director of Stradivarius.

610 thousand euros in shares for Carlos Torretta since 2022

Completing the previously mentioned distributions, it has also been reported that the company has awarded shares to individuals without recognised positions at Inditex. As part of the same first cycle of the 2023 to 2027 long-term incentive plan, 1,021 shares, valued at 50.27 thousand euros, were given to Francisco Galán González, husband of Zara's director of womenswear, María Beatriz Padín. Additionally, 3,969 shares, valued at 195.43 thousand euros, were awarded to Carlos Torretta, husband of Marta Ortega. The information submitted to the CNMV does not recognise him as holding any position within Inditex. This is despite confirmation in September 2019—following his marriage to Marta Ortega in November 2018—that he had joined the communications department of Zara's e-commerce division.

Focusing on these rewards, this is not the first time that either Francisco Galán or Carlos Torretta have been included as beneficiaries in Inditex's incentive plan for senior management. Specifically, Torretta, Marta Ortega's husband, has received a total of 12,695 Inditex shares between April 2022 and April 2026. These shares, with an assigned price ranging from 19.74 to 49.24 euros per share, bring the total value of the shares Torretta has periodically received from Inditex for his “association” with Marta Ortega to 610.39 thousand euros.

First tranche of buyback programme completed

To support these obligations to its executives (and other interested parties), undertaken under the 2023 to 2027 long-term incentive plan and expanded after the approval of a new 2025 to 2029 long-term incentive plan at the last Inditex Annual General Meeting, Inditex announced on February 4 that it was launching a temporary share buyback programme. The programme is structured in two tranches. The company informed the CNMV on March 25 that it had completed the first tranche, reaching the maximum target of 1.6 million shares.

In detail, the buyback programme stipulated the purchase of Inditex shares on the market for a maximum of 180 million euros, for the acquisition of a maximum of three million shares. Of these shares, 1.6 million were to be acquired between February 5 and March 31, 2026, with the remaining up to 1.4 million to be acquired during the second tranche of the programme, running from May 1 to June 30 of this year. For this period, the company will now have just over 97.32 million euros to acquire the remaining 1.4 million shares, after completing the first cycle of the buyback programme by acquiring the exact maximum of 1.6 million shares for a total of 82.67 million euros.

For their acquisition, Inditex increased its portfolio of own shares by acquiring 199 thousand shares between February 5 and 6; 516,249 shares between March 12 and 18; and finally, by purchasing 884,751 own shares between March 19 and 25. These shares were acquired at prices ranging from 49.29 euros for a block of shares purchased on March 23, to 57.92 euros per share for a block purchased on February 5.

This article was translated to English using an AI tool.

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