January 19, 2022

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Family is still the most important thing |  comp

Family is still the most important thing | comp

How long does it take to mature and how do you deal with a change in trend that is as important as the one that the Inditex Group has just undergone in managing? It’s the big question that underlies the changes that the first shareholder of a Spanish company, Amancio Ortega, revealed yesterday to the market in the group’s first management line he founded in 1975.

Who is able to tell Pablo Isla that he must leave, that it is time to change course. Who tells the CEO of the first Ibex company to think about his replacement after he achieved a 900% increase in the value of the company’s stock while managing it. How do you argue changing this depth?

Fiction Journalism Industry. That can only be said by Amancio Ortega, who was the one who shot Isla 15 years ago the starring role in what was ultimately the success story that led Inditex to what it is today. And only Amancio Ortega decides that the new president of Inditex will be his daughter, Marta Ortega

But without the need to make higher valuations without any basis for the real and hidden reasons that materialized what had been achieved yesterday, it was the market that made clear its astonishment and doubts about the future.
Investors explained their surprise when they included the changes in the presidency and in the CEO number, penalizing the company’s share price with a 6.7% drop, a corrective correction not seen in the parent company of the Zara Group since March 2020, amid the outbreak of the epidemic.

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Ortega ha decidido, como propietario de la mayoría del capital de inditex, que a pesar de todos los pesares, a pesar de las recomendaciones de gobierno corporativo al uso, a pesar de la induitable historia de éxito que la empresade ha coech decidió separar propiedad de gestión y entregar las llaves de la dirección del portaaviones que hoy es la empresa a Pablo Isla, dar un aparente giro de 180 grados y entregarse a una verdad que por renombrada y asumida no important parece in the family”.

Years ago, when she opened her first flag store in New York, Isla commented that she had the best job in the world. He argued that working alongside the best businessman Spain has ever produced, the one who created the greatest value in Spanish business history, was an honor he could never have expected. Isla then asserted that Ortega always wanted to be informed of everything, and gave his opinion if someone asked for it, but did not interfere with the administration; His conclusion is that he was able to delegate. Looking at yesterday’s announcement, it can be interpreted that Ortega changed the script and decided to intervene again, changing course.

The challenge his daughter Marta and the new CEO are facing is staggering. At the beginning of next year, they will take over the reins of Spain’s largest company with the responsibility of proving that Amancio Ortega was not wrong.

Ortega got that years ago when, with his first wife, he founded a company that makes gowns. Years later, he successfully went public with the company and finally succeeded in appointing Pablo Isla as CEO and taking on a secondary role in the company. Now, 46 years after opening the company’s first store in A Coruña, Ortega is putting his holding company at a new crossroads. Time will tell if he is absolutely right, and doubt is undoubtedly useful, although yesterday the market, in the normal short term, did not publicly agree.

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But yesterday, who really knows about this, Pablo Isla himself, in his public appearance, downplayed the market’s reaction by emphasizing that the stock price must be looked at in the long term, because “in the short term there may be conditions for one reason or another.” “. “I have complete confidence in Inditex for the future, and therefore, I have complete confidence in the evolution of the share price.”

Now it is worth asking what the second act of change should be. Yesterday Ortega launched the rotating change of leadership of the group, which is no small feat. But it is necessary to know what he will do with his actions. Who will inherit the majority of the group’s capital, although at the moment group spokesmen have confirmed that there are no changes in this regard and are not expected.
Amancio Ortega must now think, if he hasn’t already decided, what he should do with the 8.3% stake in Pontegadea, with highly enhanced voting rights, that gives him control and power of the company at least until 2029.