Falabella’s long-time president, Enrique Ostalé, will be leaving his position in March, marking a shift in leadership for the Chilean retail giant. The move comes after a three-year tenure that began in April 2023, following a period of internal division among the families that previously controlled the company. Falabella, a major player in the Latin American retail market, is currently navigating a dynamic economic landscape.
Ostalé, 65, was the first president in the company’s history to approach from outside the controlling families. He joined Falabella after a distinguished career at Walmart in Chile and the region. His three-year term will conclude at the shareholder meeting on March 17th, and his name will not be on the ballot for renewal.
Shareholders have nominated eight candidates for the nine available board positions. Carlo Solari, Cecilia Karlezi, Juan Carlos Cortés, Paola Cúneo, and Alfredo Moreno are seeking re-election. Joining them are novel nominees Juan Pablo del Río, Tomás Müller Benoit, and Fernando De Peña, with the latter widely expected to become the new president. Carlina Schmidt, an engineer and former minister, has also been nominated by the AFP.
Ostalé’s tenure coincided with a significant turnaround for Falabella. He took the helm in April 2023, when the retailer was facing substantial losses – $423 million in 2022 – a more than 50% drop in share value, and increasing debt. The company’s financial performance improved dramatically under his leadership, with 2024 seeing profits of $483 million, a 693% increase. Consolidated revenues reached $12.197 billion, up 8.1% from 2023, and EBITDA rose 95.9% to $1.457 billion.
According to company filings, Ostalé received a total remuneration of $2.118 million for his work, comprised of $289 million in fixed fees and $1.829 million in variable pay. This figure reflects gross earnings and is subject to taxes. He also received $47 million for his role as a director of Plaza S.A.
Ostalé’s compensation represents a significant increase from previous years. He earned $277 million in 2024 and $187 million in 2023, receiving only fixed fees in those years. The substantial increase in 2025 is linked to the company’s performance and a remuneration policy approved by shareholders in April 2025, which included a variable component tied to the company’s profits and stock performance. The policy also included a bonus based on the increase in Falabella’s share price.
The overall director compensation for Falabella totaled $4.040 million, with Vice President Juan Carlos Cortés receiving $281 million and the remaining directors each receiving $234 million ($70 million as fixed fees and $163 million as variable pay). Ostalé’s remuneration positions him among the highest-paid directors of Chilean companies, surpassing figures from companies like SQM, Banco de Chile, and CSAV. Pablo Granifo, president of Banco de Chile, received $1.172 million in 2025.
