“We believe that both Marta Ortega and the chief executive, Oscar Maceiras, have a lot to prove when it comes to their ability to run this big monster in the middle of the Covid crisis.” “We believe that the timing is not the best,” the broker said. The broker Kepler said the reshuffle was “moderately negative”, saying it was a big change to make during the pandemic. “We would have expected a more orderly and smoother transition period, with Isla supervising in a non-executive role.” “We think that the changes are bad news for Inditex,” the Spanish investment firm Alantra said. However, some analysts raised concerns that she may be taking the reins too soon. Many see Ortega as the natural choice to succeed her father, who founded the company with his ex-wife Rosalía Mera in Galicia in 1975 and is still widely referred to as the “the Boss” despite officially retiring in 2011. Inditex also announced that Oscar García Maceiras, currently Inditex’s general counsel and secretary of the board, will take over immediately as chief executive. “With the changes … we are confident that the company will continue to develop successfully.” “These changes that we are announcing today are very well thought out changes, which are part of a process within the company and we understand that now is the right time to address this new stage,” Isla said in a video news conference on Tuesday. Isla, who has been credited with leading Inditex’s global expansion into Spain’s largest company with a €88bn (£75bn) market value and almost 7,000 stores, said now was the right time to make the change as the company’s sales recovered to pre-pandemic levels. Ortega, who has most recently been in charge of Zara’s brand image and campaigns including Charlotte Gainsbourg by Zara, will replace Pablo Isla who was appointed chair in 2011 replacing Amancio Ortega himself. Shares in the company dropped 6% on the news. The surprise stock exchange announcement was intended to clear up uncertainty surrounding the company’s succession plan, but some analysts said her elevation was premature. “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,” she said. Ortega, who has worked at the company for 15 years starting out as a shop assistant at a Bershka shop on London’s Kings Road, said: “I have always said 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.
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