Inditex Announces New CFO in Management Reshuffle
LONDON (Reuters) -Inditex on Friday announced a new chief financial officer and chief sustainability officer in a top management reshuffle, without detailing any reason for the changes.
Current Chief Financial Officer Ignacio Fernandez Fernandez will take on a new role as Chief Corporate Officer overseeing the financial, sustainability, logistics, transport and infrastructure divisions, Inditex said.
Andres Sanchez Iglesias, currently chief tax officer, was appointed as the new CFO.
"The new appointment is likely driven by the need for greater oversight as Inditex makes progress towards logistics capacity expansion," Citi analyst Monique Pollard said.
Inditex is in the second year of a large logistics investment plan, spending a total of 1.8 billion euros to expand capacity, including its hub in Zaragoza, Spain.
Chief Sustainability Officer Javier Losada Montero is leaving Inditex after 32 years, the company said, and will be replaced by Fernando de Bunes Ibarra, currently head of enterprise risk management.
(Reporting by Helen Reid; Editing by Kirsten Donovan)
