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.