Tuesday, November 30th, 2021
The stock market day
Formerly the richest man in the world is reorganizing management in the Zara parent company
The Zara parent company Inditex is changing its CEO again after only two and a half years. Carlos Crespo, who only took over the management of the Spanish fashion group in summer 2019, will be replaced with immediate effect by Oscar Garcia Maceiras, as the company announced in Arteixo, Spain.
The 85-year-old company founder and owner Amancio Ortega also regulated the appointment of the head of the board of directors. From April 2022, this will be headed by his 37-year-old daughter Marta Ortega, who will replace Paplo Isla. Isla worked at Inditex for 17 years, at times as CEO and later as Chairman of the Board of Directors. Isla played a key role in shaping the Group’s current growth and digital strategy. Speculations about his resignation were boiling up more than a year ago.
At the same time, Amancio Ortega’s daughter Marta increasingly appeared in the group. The former richest person in the world and currently, according to Bloomberg, 71 billion company founders, holds the majority in Inditex with 59 percent.