Founder’s Daughter Takes Reins at Inditex

Marta Ortega, daughter of Zara parent company Inditex founder Amancio Ortega, will replace current Chairman Pablo Isla, reports Reuters. Inditex, which owns fast fashion brand Zara, welcomed a new CEO in April.

“These changes that we are announcing today are very well thought out changes, which are part of a process within the company and we understand that now is the right time to address this new stage,” Isla said, amid some reported speculation that the move is premature.

Ortega has worked for Inditex for 15 years, beginning as an assistant at retail brand Bershka. Her father Armancio ranks 11th on Forbes’ list of the world’s wealthiest and still owns 59.29 percent of Inditex.