The sudden death of Iñaki Gabilondo Mugarza, former CEO of Ulma Group, has shaken Gipuzkoa's business and cooperative community. Gabilondo died unexpectedly at 62, just months after retiring from the role he held for 16 years, information from sources within the Oñati-based cooperative. His leadership helped make Ulma one of the region's most prominent industrial groups.
Gabilondo became general director in 2009, succeeding Txomin García, and led the group through a period of major change. Under his direction, Ulma grew to include nine cooperatives, with more than 6,000 employees worldwide, nearly half of them in Gipuzkoa. The group specializes in industrial and logistics services. Its facilities are a familiar sight across the Alto Deba field.
Born in Legazpi in 1964, Gabilondo spent most of his professional life at Ulma. Before taking its top job, he held several roles, including managing Ulma Forged Solutions. He earned a degree in Business Administration from EHU and an MBA from Deusto. He kept a low public profile and focused on management, staying out of the spotlight even as he oversaw major changes, including Ulma's 2022 departure from the Mondragon Group. The move echoed Orona's decision and marked a turning point for the cooperative sector in the Basque Country.
In his final months at Ulma, Gabilondo worked to ensure a smooth handover to his successor, Aitor Ayastuy, who had previously led Ulma Construction. Construction World also reported Ayastuy's appointment as ULMA Group chief executive. The handover was completed in April, and Gabilondo officially retired in July. He remained involved in company matters until his final days, wrapping up administrative tasks. He is survived by his wife and two children.
During Gabilondo's tenure, Ulma posted record financial results. In 2025, the group reported its highest-ever consolidated revenue, €1.238 billion, up 7.6%, and net profit of €94.8 million. Those results came despite global economic uncertainty and geopolitical tensions. The company also secured €115 million in liquidity through loans and a bond issue, with institutional agreements also contributing to the financing package. The funds bolstered its financial position during the leadership transition.
Gabilondo credited Ulma's ability to recover and growth to a strategy of geographic and sectoral diversification. The group sells in more than 80 countries and operates across a broad range of business lines. In a rare interview in July 2024, he said the approach helped Ulma adapt quickly to changing market conditions.
Ulma operates in agriculture and architecture, and makes components for bulk transport. Its work also covers engineering solutions for construction and industry, electronics lifecycle consulting and forged components. The group is active in integrated logistics, packaging and material handling. Its deep roots in the social and economic fabric of Alto Deba and Gipuzkoa have made it a major regional employer and a symbol of cooperative success.
Gabilondo's death recalls other recent losses in Spain's business and public life, including Luis Ángel Echevarría, father of actress Paula Echevarría. His funeral in Candás also drew large community attention. For more on how such events affect local communities, see this report on the recent farewell to a prominent family figure in Gijón.
Gabilondo's funeral will be held on Tuesday. Colleagues and business leaders are expected to pay tribute to a figure who helped define the cooperative model in Gipuzkoa. His legacy is likely to shape the region's economic field for years to come.
The Basque cooperative movement is among Europe's most developed, with Ulma and similar groups basic to local employment and innovation. Its ability to recover is often cited as a model for sustainable business in Spain, particularly during economic turbulence. Gabilondo's leadership emphasized continuity and diversification, while keeping community engagement in view, reflecting values that underpin the region's economic success. His death comes as Spanish companies face global challenges, bringing renewed attention to the stability and flexibility of cooperatives such as Ulma.
