Last Thursday, the technological and defense group Indra elected José Vicente de los Mozos as its new CEO, replacing Ignacio Mataix (Madrid, 1962), who last March announced his resignation from the post he had held since then on an interim basis. Mataix, who will continue to be linked to the company as an external advisor, will receive just over 4.62 million euros as compensation for his “mutual agreement” departure from the company, according to the good governance report and the annual report on remuneration. of the directors deposited by the company with the National Securities Market Commission (CNMV).
“The board has accepted the resignation of Ignacio Mataix as CEO, thanking him for the services rendered. Mataix will continue to provide services to the company as a strategic advisor to the board of directors for a period of two years”, stated the statement registered this Thursday by the technology group in the stock market supervisor.
The company’s remuneration report states that “in the event of termination of the contract for reasons not attributable to them (termination by unilateral will of the company or by relevant modification of functions or conditions of provision of services), the CEO has the right to receive compensation equivalent to one year of their total annualized target remuneration (RTTA)”. This RTTA is the salary that the executive can receive for all concepts, including fixed and variable salary and medium-term payments, which in the case of Mataix amounts to 2.64 million euros. “These contracts incorporate a post-contractual non-competition agreement for a period of one year from the end of their relationship with the company, compensated with an amount equivalent to 0.75 times their RTTA in the case of the CEO”. In other words, the Madrid executive will take 4.62 million euros for compensation when he leaves his position, although the company has announced that it is a resignation.
In addition, as Mataix is close to turning 62, he will receive part of the accumulated long-term savings plan that he has been receiving during the time he has led the group and which amounts to 1.855 million euros. In total, the Madrid executive will receive almost 6.5 million euros in the coming months for his departure from a company that has a workforce of 56,000 employees with an average salary of 32,000 euros, according to the corporate governance report.
Mataix has a degree in Law and Economics from ICADE and a Master’s in Executive Management from the international program at IESE Business School. The Madrid manager earned 1.5 million euros last year as CEO of Indra, 6.8% more than the previous year. He has held the position for a scant two years. He was appointed CEO in May 2021 following the appointment of Marc Murtra as non-executive chairman of the company, replacing Fernando Abril-Martorell.
Murtra’s arrival was controversial after his appointment at the behest of SEPI, the state’s industrial arm, which holds just over 25% of the company’s capital. The previous board of directors withdrew the executive powers that his predecessor had had and appointed two CEOs, Ignacio Mataix and Cristina Ruiz, due to suspicions about his origin. Although Murtra has a brilliant resume as an engineer and financial expert, he was haunted by his past in politics, linked to the PSC and adviser to Joan Clos, former Socialist Minister of Industry with Zapatero.
Cristina Ruiz and Ignacio Mataix, CEOs of Indra.
Mataix, who joined Indra in January 2018 at the hands of the previous president under the position of Indra’s executive director, will earn more than Cristina Ruiz, the CEO of Indra’s technology area (Minsait) and the executive who shared with him the group’s executive powers from Murtra’s appointment until her departure in April last year. Ruiz, who had spent most of her professional career at Indra, where she went on to found Minsait, the technological services area, received 3.6 million as compensation for leaving the company. The executive signed for Santander a few months after leaving Indra, peppered by doubts about the independence of the board of directors.
Fixed, variable remuneration, and medium-term incentives
Indra’s remuneration report explains that the CEO will receive a fixed salary equivalent to 25% of the total annualized remuneration. In addition, he will receive an annual variable of 35% of the total annualized remuneration for 100% compliance with objectives and another medium-term supplement that represents 40% of the total annualized remuneration for 100% compliance with objectives. “In accordance with the foregoing, it can be summed up that fixed remuneration represents 25% and variable remuneration, linked to meeting objectives, 75% of the total remuneration of executive directors,” explains the company, which has a global workforce. of 56,000 employees.
The CEO also receives a long-term savings plan articulated through a contribution fund through an insurance policy. The company makes annual contributions while the CEO is in office. “The accumulated balance (of these savings plans) is only entitled to receive each beneficiary upon reaching 62 years of age,” details the group, which is listed on the Ibex 35. According to the remuneration report, the Mataix long-term savings plan amounted to 1,855 million euros at the end of 2022.
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