Emilio Saracho, the former vice president of JP Morgan and former president of Banco Popular, will step down from his role as an independent director of Inditex in July, as announced by the company during its first-quarter fiscal results presentation on Wednesday,

Saracho, born in Madrid in 1955, was appointed as a director of Inditex in 2010 and has been a director of IAG since 2016.

In 2016, Saracho was appointed as the president of Banco Popular, a position he held until mid-2017 when he resigned.

Subsequently, he was investigated in relation to the "Banco Popular case" for alleged market intervention prior to the bank's intervention and sale to Santander.

The board of directors of Inditex has decided to propose to the general shareholders' meeting that the number of board members be set at 10.

The board will be composed as follows: Marta Ortega, José Arnau, Amancio Ortega, and Flora Pérez Marcote, all of them proprietary directors; Óscar García Maceiras (executive director), and as independent directors, Denise Patricia Kingsmill, Anne Lange, Pilar López Álvarez, José Luis Durán Schulz, and Rodrigo Echenique.

EFE and Europa Press