Business

Daughter of Zara founder gets a place on board of parent company

Photo: ANP

Inditex, the Spanish parent company of fashion brands Zara, Bershka, Stradivarius and Massimo Dutti, has appointed Marta Ortega as the new chairman of the board. Ortega, 37, is the daughter of Inditex founder Amancio Ortega. She succeeds the current 57-year-old chairman Pablo Isla, according to documents filed with the Spanish regulator.

Isla, who leaves his job with the company, worked for Inditex for seventeen years. There had been speculation for more than a year that he would leave. At the same time, Ortega was pushed more forward within the company. Her father owns 59 percent of the company.

Ortega will succeed Isla as of April 1. “I’ve always said I would build on my parents’ legacy, looking to the future, while learning from the past,” she said in a statement.

Inditex also has a new CEO. Oscar Garcia Maceiras will immediately succeed Carlos Crespo, who will return to his previous position as Chief Operating Officer. Garcia Maceiras has been with Inditex since March. He previously worked at the Spanish banks Banco Popular and Banco Santander.

The company, one of the larger European fashion chains, has come through the corona pandemic well. Operating profit more than doubled in the first half of this year, Inditex reported earlier. This enabled the company to return to pre-pandemic levels.



Daughter of Zara founder gets a place on board of parent company
Source link Daughter of Zara founder gets a place on board of parent company

Back to top button