Inditex founder’s daughter to turn into chairwoman, CEO stepping apart By Reuters

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© Reuters. Pablo Isla, Chief Executive Officer of the Spanish group Inditex, is at the start of a press conference to present the company’s 2011 results on March 21, 2012 in Madrid. REUTERS / Sergio Perez / File Photo

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MADRID (Reuters) – Spanish fashion retailer giant Inditex (MC 🙂 said on Tuesday that Marta Ortega, the founder’s daughter, will take over the chairmanship of the group with a new CEO in April, as the last step in a generation change that began a decade ago.

She takes over from Pablo Isla, who in 2011 took over as chairman from her father Amancio Ortega, the richest man in Spain. Isla has been deputy chairman since 2005, the company said.

Oscar Garcia Maceiras, who became General Counsel and Secretary to the Company’s Board of Directors in March, will support Marta Ortega as CEO and replace Carlos Crespo, who took office two years ago.

Crespo remains Chief Operating Officer.

Marta Ortega, 37, has worked for the company in various areas for 15 years.

“I’ve always said that I would dedicate my life to my parents’ legacy, look to the future, but learn from the past and serve the company, our shareholders and our customers,” she said in a statement.

Amancio Ortega still owns 59.29% of Inditex, the largest publicly traded Spanish company, while Sandra Ortega, a daughter by first marriage, is the second largest shareholder with 5.05%, according to refinitive data.

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