Industria de Diseño Textil SA, which owns Zara clothing brand, said May 23 the company plans to appoint its COO, Carlos Crespo, as the company's CEO, effective upon the board's approval.

Carlos Crespo will replace Pablo Isla, who holds the joint role of CEO and executive chairman. Isla will stay on as the chairman, and Crespo will report to him.

The appointment will take effect following approval by the board of directors, which is slated to meet in July for the annual general meeting.