Marta Ortega, the founder’s daughter, will take over as CEO of Inditex, a Spanish fashion behemoth. The giant Spanish fashion retailer has appointed Marta Ortega, the company’s co-daughter, founder’s as its chairwoman, unexpectedly accelerating a generational handover at a time when the fashion sector is facing significant supply chain challenges linked to the pandemic, the company announced on Tuesday.
Ms. Ortega, 37, will succeed Pablo Isla, who has led the company since 2011 and is widely credited with steering the group’s online and international growth, including entry into the Chinese market. Zara, Massimo Dutti, Bershka, and Pull & Bear are among the brands sold by Inditex.
Ms. Ortega has worked for her family’s business for the past 15 years, beginning as an assistant at Bershka.
In a statement, she stated that she would devote her life to continuing her parents’ legacy, looking to the future while learning from the past.
Inditex also named a new CEO, Scar Garca Maceiras, a former state attorney who joined the company in March. Carlos Crespo, the current CEO, is returning to his former position as chief operating officer.
Ms. Ortega had long been considered the heir apparent to her father, Amancio Ortega, 85, who is regarded as Spain’s richest man and the company’s majority shareholder.
Inditex’s stock fell more than 5% on Tuesday after the appointment was announced. Investors were concerned that the new team of Ms. Ortega and Garca Maceiras lacked operational experience at a time when retailers were dealing with the coronavirus pandemic and the supply bottlenecks that resulted.
The stock price, on the other hand, recovered on Wednesday, rising 4.5 percent.
“The timing is not ideal,” wrote Kepler, a brokerage, in a note to investors. “We believe that both Marta Ortega and the CEO, scar Maceiras, have a lot to prove in terms of their ability to run this big monster in the midst of the COVID crisis.”
Mr. Ortega and his then-wife, Rosala Mera, founded Inditex in 1975 in Galicia, northwest Spain, where Inditex still manufactures some of its clothing. The company also manufactures in other parts of Europe, Asia, and Africa, and it operates over 6,000 stores globally.