MADRID – A change that is shaking textile company Inditex: Marta Ortega will take over from Pablo Isla as president of the textile group founded by her father Amancio Ortega. This is effective on April 1, 2022.
Isla has held this position since 2011. In addition, Oscar García Maceiras, hitherto Secretary-General and of the Board of Directors, has been appointed CEO of Inditex with immediate effect. José Arnau Sierra, for his part, will remain vice president of the board of directors, as the company reported Tuesday.
The start of a new phase
“I want to thank the council, and especially Amancio Ortega, for the support and confidence they have placed in me. Now it is time to start this new phase, with Marta Ortega as president and Oscar García Maceiras as CEO. García Maceiras’ appointment has been anticipated since he joined the company, due to his capacity and qualities as a director. Making this transition is the culmination of my commitment to Inditex and to Amancio Ortega,” said Isla, who also thanked everyone who is part of Inditex for their work and dedication”.
With this, the board of directors concludes the generational change process that began in 2011 with the replacement of Amancio Ortega as chairman of Inditex. The appointments are submitted for ratification to the next general meeting of shareholders. The new organisational structure includes a management committee. This is made up of executives from different business and business sectors, and with a long history in the group.
For his part, the new CEO of Inditex, Oscar García Maceiras, has stated that he takes on “with great responsibility and enthusiasm” the new tasks entrusted to him, “with the tranquillity of a great team, full of youth, experience, and talent “in all territories and countries where the company is present and of which the appointed executive committee is a” good example.
Marta Ortega
Marta Ortega Pérez, 37, is the youngest of Amancio Ortega’s three children. He had her with his second wife Flora Pérez. His first marriage to Rosalía Mera produced his children Sandra and Marcos.
In a statement to EFE news agency, Marta Ortega said: “I have always said that I would dedicate my life to developing my parents’ legacy.”
“I’ve lived in this company since childhood. And I’ve learned from all the great professionals I’ve worked with over the past 15 years (…) looking to the future, but learning from the past and serving the company, our shareholders, and our customers, where I am believed to be most needed.” El Mundo writes that Marta is not Ortega’s only child in the company, but the most visible.
Shares down
Following the announcement, Inditex stock led the fall from the Ibex 35, falling more than 5% in the early stages of Tuesday’s session. Thus, the group’s shares started the session with a 5.14% fall, until they were exchanged at a price of €28.21.
Inditex
Inditex is a Spanish-listed fashion giant based in the Spanish city of A Coruña, Galicia. Furthermore, in terms of turnover, it is the largest fashion group in the world. As of January 31, 2020, the company had 7,469 stores in 96 countries. The chains Zara, Kiddy’s Class, Bershka, Pull&Bear, Stradivarius, Massimo Dutti, Oysho and Uterqüe fall under Inditex. The company was founded in 1963 by Amancio Ortega and was initially only concerned with making women’s clothing. However, twelve years later, the first clothing was sold and the first Zara store opened in La Coruña.
Read how Zara fights excessive use of paper.
