Spanish apparel giant and Zara parent company Inditex announced Tuesday that Marta Ortega, 37, daughter of its founder Amancio Ortega, will become chairman of the company, replacing Pablo Isla, 57, effective April 1 next year.
The company also announced the appointment of Oscar Garcia Maceiras as CEO, replacing Carlos Crespo, with immediate effect.
In a statement, Marta Ortega said: "I have lived and breathed this company since I was a child, and I have learned from all the great professionals I have worked with over the last 15 years. I have always said that I would dedicate my life to my parents' legacy, looking to the future, but also learning from the past."
Marta's father, Amancio Ortega, 85, is Inditex's largest shareholder, with a 59 percent stake and more than $400 million in annual dividend income alone. His net worth is estimated at $77.3 billion and he is ranked 11th on Forbes' 2021 list of the world's richest people.
