Inditex, the company that owns brands including Zara, Pull&Bear and Stradivarius, on 30 November made a surprising announcement as it just did a board shakeup. The current executive chairman Pablo Isla will step down from his position and will be succeeded by the company’s heiress Marta Ortega Pérez. Marta will take over as chair in April next year.

Marta is the daughter of Inditex founder and former chairman Amancio Ortega who controls roughly 60% of Inditex shares and is known as Spain’s richest man. 

Óscar García Maceiras, general counsel and secretary of the Inditex board who joined the company eight months ago, will take over immediately as chief executive. The former chief executive, Carlos Crespo, will become the chief operating officer. With this arrangement, the company said that they would be adopting a more “Anglo-Saxon” corporate governance model.

“Making this transition a reality is the culmination of my commitment to Inditex and to Amancio Ortega,” said Isla, who will remain in post until March next year.

Marta has been working in the firm for 15 years, starting out as an assistant at the company’s high street brand Bershka. 

She said that she is deeply honoured by the trust the firm gave to her, stating that, “I have lived and breathed this company since my childhood, and I have learned from all the great professionals I have worked with over the last 15 years.”

According to BBC, she has been credited with strengthening the retailer's brand image. For instance, she has led several campaigns, including the launch of Zara's premium collections. 

“I have always said I would dedicate my life to building upon my parents' legacy,” said Marta. 

According to Financial Times, these appointments also marked the completion of a “generational handover process” that began a decade ago, when Amancio was replaced by Isla. 

This announcement took markets by surprise, as Zara recorded almost a 6% decline in its share price in Madrid.