Ruiz takes over the role from Mango’s founder and owner, Isak Andic, who passed away in an accident on 14 December of the previous year.
The board of directors unanimously decided to appoint Ruiz, the current CEO, to the additional role of chairman.
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Ruiz said: “I am deeply grateful to the Andic family, the board of directors, and the entire Mango team for trusting me to continue leading this exciting project.
“Today, Mango is stronger than ever. We have a clear roadmap and great opportunities ahead of us. We want to keep growing and taking Mango to the top.”
Since his induction as CFO in 2015, Ruiz has steered the company through a period of robust growth and financial fortification. The year 2023 marked a milestone with revenues surpassing €3.1bn ($3.23bn).
In recognition of his pivotal role, Ruiz was granted a 5% equity stake by Isak Andic and endorsed by the board.
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By GlobalDataHe also received 2024 ‘Business Leader of the Year’ award from the Spain – US Chamber of Commerce.
Ruiz is said to be poised to navigate the company towards its ambitious objectives following its 40th anniversary celebrations.
The company’s 2024-2026 Strategic Plan, known as 4E, focuses on highlighting Mango’s value proposition with an emphasis on expanding its reach and boosting sales both in its current store network and through its online platform.
By 2026, Mango hopes to exceed €4bn in turnover while aiming to double its profitability.
In line with its growth objectives, the firm is set to scale up its global presence, with a particular focus on the US market, where it anticipates exceeding its initial projections for new store launches.
The company has earmarked in excess of $100m for investment in the US between 2024 and 2026 to facilitate this retail expansion. This surge in store openings is expected to significantly contribute to employment opportunities, with the company’s workforce projected to expand from 30 individuals in 2020 to upwards of 1,200 by the year 2025.
Structure of Punto Fa’s governing bodies
In keeping with Isak Andic’s vision of professionalising Mango’s management structure, Andic has been appointed as vice-chairman of Punto Fa.
The reconstituted board of directors at Mango (Punto Fa) also features Daniel López and Margarita Salvans as executive board members; alongside five independent board members: Jordi Canals, Jorge Lucaya, Jordi Constans, Marc Puig, and Manel Adell. Eugenia Jover serves as secretary to the board.
The board also appointed Manel Adell as a new independent board member of Punto Fa.
Mango’s steering committee remains intact with 11 members overseeing key company divisions to ensure leadership continuity.
Further restructuring includes naming Jonathan Andic as chairman by the board of Mango MNG Holding with Judith Andic and Sarah Andic stepping in as vice-chairwomen.
The board of directors of Mango MNG Holding also consists of Ruiz as CEO and board member and Daniel López as board member. Eugenia Jover serves as secretary of the board, though not as a member.
