![]() ![]() Oscar Garcia Maceiras, who became general counsel and board secretary in March, takes over from Carlos Crespo, who spent two years as CEO and will stay on as Chief Operating Officer. Most brokers said Ortega was the natural successor to her father but said she was taking the lead faster than expected, along with a young CEO with little retail experience. ![]() Under Isla, Inditex's share price rose eight-fold and its market value skyrocketed to almost 93 billion euros ($106 billion), while over the same period shares of its main rival H&M (HMb.ST) climbed by about 50%. He had taken over from Amancio Ortega, now 85, as chairman in 2011 after six years as deputy chairman. Isla dismissed Tuesday's share fall as a short-term move. "With the changes.we are confident that the company will continue to develop successfully," he added at a virtual briefing where he was accompanied by the incoming CEO Oscar Garcia Maceiras but not by Marta Ortega herself. "These changes that we are announcing today are very well thought out changes, which are part of a process within the company and we understand that now is the right time to address this new stage," Isla said. Isla told a video news conference it was the right time for the change thanks to the company's solid position, with sales in the second quarter climbing above 2019 pre-pandemic levels. Shares in Spain's largest listed company were down 5.8% by 1300 GMT. Ortega, 37, takes over as chairwoman of the group that owns the Zara brand in April with a new chief executive, the last step in handing over to a new generation that began a decade ago, the company said. MADRID, Nov 30 (Reuters) - Marta Ortega, daughter of the founder of Spanish fashion retailer Inditex (ITX.MC), will replace Chairman Pablo Isla, who led the company's global expansion for more than a decade, in a succession some analysts called premature. Brokers consider reshuffle faster than expected.Oscar Garcia Maceiras becomes CEO immediately.Marta Ortega becomes chairwoman as of April 1. ![]()
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