Toni Ruiz becomes interim chairman of Mango

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Toni Ruiz, CEO and interim chairman of Mango. Credits: Mango.

In an expected decision resulting from the reorganisation of Mango's board of directors, Toni Ruiz, CEO of the Spanish fashion group, has also taken over as vice chairman of the company following the sudden death of Isak Andic. He will hold this position on an interim basis until a new chairman is appointed.

This decision marks the end of one of the most challenging weeks in Mango's 40-year history. On December 14, the sudden death of Isak Andic, founder and non-executive chairman of the company, was confirmed. According to Mango, the appointment of Ruiz aligns with the provisions of the Spanish Companies Act and the company's articles of association. Ruiz will take over the chairmanship on an interim basis until a successor is appointed.

By appointing Ruiz as interim chairman, Mango highlights his crucial role in the company's transformation since he joined in 2015. Under his leadership, Mango achieved the best results in its history in 2023, with above-average growth and a solid financial base. Mango spread this message through various media to dispel possible uncertainties following Andic's death. While the distribution of the estate - in particular the 95 percent of the company's shares - is still pending, Mango highlights that the company has a "stable and market-driven governance model" that has been in place for two years.

To support this message, Mango stresses that "the professionalisation and the introduction of best governance practices by Isak Andic ensure the continuation of the strategic plan." The 'Plan 4E', presented in March, defines the strategic objectives until 2026. Both the board of directors and the Andic family - represented by Jonathan Andic, the founder's son - have publicly expressed their support for this plan. The plan will continue based on the professional model introduced by Isak Andic: a family-run company with a non-executive presidency and professional operational management. Over the next few years, Toni Ruiz will continue to act as CEO and will assume the interim chairmanship of the Board of Directors.

Toni Ruiz: Interim chairman and CEO of Mango

It remains to be seen who will ultimately succeed Isak Andic as chairman - likely a member of the Andic family. Until then, the company's management will remain unchanged. Strategic decisions are made by the board of directors and implemented by the executive committee. These two central bodies ensure the operational continuity of the company and the implementation of the strategic plan for 2024 to 2026.

In connection with the presentation of this plan, on March 1, Mango restructured its board of directors to strengthen governance. The board was expanded to include four independent members and now consists of nine people. Following the death of Andic, the board is composed of Toni Ruiz (CEO and interim chairman), Jonathan Andic, Daniel López and Margarita Salvans as executive members, and Jordi Canals, Jordi Constans, Jorge Lucaya and Marc Puig as independent members. Eugenia Jover, general counsel, continues to serve as non-voting secretary.

This article originally appeared on FashionUnited.ES. It was translated to English using an AI tool called Genesis and edited by Rachel Douglass..

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Toni Ruiz