Zara parent Inditex names founder's daughter as chair

Dive Brief:

Inditex on Tuesday said that it has appointed Óscar García Maceiras its new chief executive, effective immediately, according to a company announcement. Maceiras previously served as general counsel and secretary of the board.
The company also announced that it approved the appointment of Marta Ortega Pérez as chairwoman, effective April 1, 2022.
With the appointments, the company said it has completed the "generational handover process" that was launched in 2011 to replace Inditex's chairman, Amancio Ortega.

Dive Insight:

One of the world's largest fashion companies shuffled its leadership and appointed the daughter of the retailer's founder as its chairwoman.

Amancio Ortega founded the company that would become Inditex after over a decade of making textiles. Ortega opened the first Zara store in 1975 and soon grew a fashion empire that now includes the Zara, Pull&Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterqüe brands.

His daughter, Ortega Pérez, said in a statement regarding her appointment as chair that she "lived and breathed this company since my childhood." She has worked with the business for 15 years and has led efforts to strengthen Zara's brand and fashion offerings — areas she will continue to oversee with her new position.

Ortega Pérez will succeed Pablo Isla, who will continue in the role of executive chairman until the end of March. Isla has worked with Inditex for 17 years, first as deputy chairman and CEO since 2005 and then as executive chairman since 2011.

"Now we believe that the time has come to turn a new page, with Marta Ortega as Chair and Óscar García Maceiras as Chief Executive Officer, whose appointment was already foreseen since his incorporation into the Company due to his abilities and qualities," Isla said in a statement. "Making this transition a reality is the culmination of my commitment to Inditex and to Amancio Ortega. I would also like to thank each and every one of the people who form part of Inditex for their work and dedication."

Newly appointed CEO Maceiras joined the company in March as general secretary and secretary of the board. He brings two decades of experience in both the public sector as a Spanish State Attorney and in the private sector with companies including Spanish bank Banco Pastor and financial services company Banco Popular.

In additional appointments, Carlos Crespo will move from chief executive officer and will take on the role of chief operating officer, while Javier Monteoliva, head of legal and deputy secretary of the board of directors, has been appointed general counsel and secretary of the board.