Inditex picks risk lead as new Chief Sustainability Officer

Inditex has confirmed the departure of its veteran Chief Sustainability Officer Javier Losada, and appointed current Chief Risk Officer Fernando de Bunes Ibarra to replace him.

The Spanish fashion giant communicated the governance changes to the country's financial regulator, Comisión Nacional de Mercado y Valores (CNMV), late on May 16 – confirming media reports that Losada was on the way out.

De Bunes will become Inditex' new Chief Sustainability Officer at the end of a "transition process", according to the company, which also took the opportunity to recognise Losada's 32-year career at Inditex, and "particularly his contribution to the development of the sustainability strategy".

Choosing the former Head of Risk (who has been at Inditex since 2008) to lead sustainability is a meaningful move, as experts sound the alarm on the acceleration of climate-related disruptions to the sector. But unlike his predecessor, De Bunes will not form part of the executive committee.

New corporate governance at Inditex

As part of its restructure, Inditex has also created a new General Corporate Director role, which is held by former Chief Finance Officer Ignacio Fernández Fernández.

In this position, Fernández has oversight the finance, sustainability, logistics, transport and infrastructure departments.

In addition, former Tax Director Andrés Sánchez Iglesias has taken on the role of CFO and member of the executive committee, replacing Fernández.

Javier Losada was one of the last directors to join the Inditex executive team under former CEO Pablo Isla, who left in 2022. His replacement, Óscar García Maceiras, has been restructuring the executive committee with new appointments in the past couple of years, and the Chief Sustainability Officer’s replacement is the latest governance change within the world's largest fashion group – which owns the likes of Bershka, Zara and Pull & Bear.

Losada was instrumental in creating the company's sustainability and net zero strategy, as well as its circularity efforts, leading innovative deals with startups for the purchase of recycled materials, textile recycling pilots and industry collaboration to advance circularity goals.