Inditex: García Maceiras Boosts Financial Power with New Corporate General Management

Changes in the organizational structure of Inditex. The Galician fashion retail group has announced the introduction of a new position in its organizational chart: corporate general management. With this move, led by the group's CEO, Óscar García Maceiras, the financial area of the company gains weight, with the promotion to the position of a historical figure in the area, Ignacio Fernández Fernández.

As Inditex has informed the Comisión Nacional del Mercado de Valores (Cnmv), the board of directors of the group has agreed to appoint Fernández Fernández as corporate general manager. The finance, sustainability, logistics, transport and infrastructure departments will report to this new position.

In parallel to the creation of the new position, the company chaired by Marta Ortega has also announced two other appointments: Andrés Sánchez Iglesias, until now director of tax, becomes chief financial officer, while Fernando de Bunes Ibarra, until now director of risk management, takes the position of director of sustainability.

Inditex places Fernando de Bunes Ibarra at the head of sustainability, a position that is losing steam

The areas that now report to the corporate general management had until now a direct presence in Inditex's management committee represented by their respective executives. The new financial director will be part of the management committee, while the newly appointed sustainability director will not.

As part of this move, Inditex has also confirmed the departure from the company of its hitherto sustainability director, Javier Losada, in the position since 2019 and with a 32-year career in the group.

Ignacio Fernández had held the general management of finance at Inditex since 2009, when he took the position from the tax advisory area. With a degree in Economics and Business Administration, until joining Inditex in 2001, he was regional chief inspector at the Special Delegation of the State Agency of Tax Administration in Galicia. In November 2021, with the announcement of Marta Ortega's replacement as chairman of the Galician group, Fernández joined the Inditex management committee.

Andrés Sánchez Iglesias, on the other hand, has so far been in charge of the tax area and has participated in the audit and control committee of the company. The executive is also the attorney-in-fact of several companies of the Inditex group, including Zara S.A., Bershka BSK España S.A., and other entities related to logistics and design.

Finally, Fernando de Bunes Ibarra joined the company in 2008, after having held senior administrative positions in the Spanish Ministry of Foreign Affairs. With a career spanning almost two decades at Inditex, the executive has held positions of responsibility linked to risk management from Hong Kong and A Coruña.