The company that owns Zara, Bershka and Massimo Dutti suddenly replaced three directors
Spanish company Inditex, which owns the Zara, Bershka and Massimo Dutti brands, has announced changes in top management, Reuters reports.
The company appointed a new CFO, corporate director, and sustainability director, without specifying the reasons for such personnel decisions.
Current CFO Ignacio Fernandez Fernandez will assume the new role of Chief Corporate Officer, responsible for finance, sustainability, logistics, transport and infrastructure.
The new CFO will be Andrés Sánchez Iglesias, who currently heads the company's tax department.
Sustainability Director Javier Losada Montero is leaving Inditex after 32 years. He will be replaced by Fernando de Buñes Ibarra, who currently heads the company's risk management department.
"The new appointments are likely driven by the need for increased oversight as Inditex makes progress in expanding its logistics capacity," said Citi analyst Monica Pollard.
Inditex is in its second year of implementing a major logistics investment plan, spending a total of 1.8 billion euros on capacity expansion, including its hub in Zaragoza (Spain).
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