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Inditex billionaire steps down as Chairman


Inditex Group Chairman Amancio Ortega has today become the latest senior retail boss to announce his departure from a top industry job.

In the wake of Sir Stuart Rose’s exit from Marks & Spencer and Brian McBride’s parting of ways with, Ortega is set to nominate current CEO Pablo Isla as his replacement.

The departing Chairman, who co-founded Zara and Massimo Dutti owner Inditex, has announced that he will make the official nomination at the group’s next shareholders’ meeting in July.

In a letter addressed to employees of Inditex, the Galician entrepreneur expressed the success and professionalism the company has achieved since it went public in 2001.

Ortega stated: “Now is the moment, with great enthusiasm and responsibility, whilst continuing in the group and on its board, of proposing Pablo Isla, current Deputy Chairman and CEO, to be nominated Chairman and CEO, on the occasion of the next shareholders’ meeting.”

The Inditex Group boasts 4,907 stores in 77 countries, which have helped elevate the founder to become the second richest man in Europe, according to Forbes.

He concluded his message to staff by saying: “Best regards, in the knowledge that, as always, I will remain being at your disposal.”

One other prominent retail boss set to relinquish responsibility this year is Sir Terry Leahy, who will step down from his position as Tesco CEO in March to be replaced by Philip Clarke.

Published on Tuesday 11 January by Editorial Assistant

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