trending Market Intelligence /marketintelligence/en/news-insights/trending/-Hv-3Ef6f780zSIfMzJxWA2 content esgSubNav
In This List

Inditex founder Amancio Ortega steps down from subsidiaries' boards

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage

Video

S&P Capital IQ Pro | Powering Your Edge

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Enterprises are missing out on 24B by not optimizing cloud spending not going multicloud


Inditex founder Amancio Ortega steps down from subsidiaries' boards

Amancio Ortega, the founder of Spanish apparel giant Industria de Diseño Textil SA, has stepped down from the boards of 53 of the company's subsidiaries, Spanish newspaper Expansión reported Dec. 14.

The 81-year-old initiated his succession plan for his company six years ago when he stepped away from his executive roles at the company known as Inditex, the paper reported. Pablo Isla Alvarez de Tejera is Inditex's executive chairman and CEO.

Ortega's resignation from the boards of Inditex's various subsidiaries marks the latest step in the process, according to Expansión. The executive, who ranks as the fourth richest man in the world according to Forbes' current roster of billionaires, has stepped down from the boards of a large number of Inditex companies such as Zara, Massimo Dutti, Pull & Bear, Bershka, Oysho and Stradivarius.