finance

Inditex founder's daughter to become chairwoman, CEO stepping aside



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

MADRID (Reuters) -Spanish fashion retailer giant Inditex (MC:) said on Tuesday Marta Ortega, the daughter of its founder, will take over as chairwoman of the group in April with a new CEO, as a last step of a generational handover started a decade ago.

She will replace Pablo Isla, who took over from her father Amancio Ortega, Spain’s wealthiest man, in 2011 as chairman. Isla had been deputy chairman since 2005, the company said.

Oscar Garcia Maceiras, who had become the company’s general counsel and secretary of the board in March, will support Marta Ortega as CEO, replacing Carlos Crespo, who took the post two years ago.

Crespo will remain Chief Operating Officer.

Marta Ortega, 37, has been working for the company in different areas for the last 15 years.

“I have always said that I would dedicate my life to building upon my parents’ legacy, looking to the future but learning from the past and serving the company, our shareholders and our customers,” she said in a statement.

Amancio Ortega still owns 59.29% of Inditex, the largest listed Spanish company, while Sandra Ortega, a daughter from his first marriage, is the second largest shareholder with a 5.05%, Refinitiv data showed.

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