The daughter of the founder of fashion chain Inditex is set to become the group’s chairwoman and head brands including Zara and Bershka.
Marta Ortega is to replace Pablo Isla on 1 April, who has been chairman of Inditex since 2011, while Oscar Garcia Maceiras will become the CEO of Inditex immediately.
“We think that the changes are bad news for Inditex,” Spanish investment firm Alantra said. “We would have expected a more orderly and smoother transition period, with Isla supervising in a non-executive role.”
The investment firm said Isla was “very difficult to replace” and said the new CEO still had to build his reputation.
The Inditex group owns eight brands including Zara, Berskha, Pull&Bear and Massimo Dutti.
Inditex shares fell 5 per cent on Tuesday morning.
“I have always said that I would dedicate my life to building upon my parents’ legacy, looking to the future but learning from the past and serving the company, our shareholders and our customers,” Ortega said in a statement.