MADRID (Reuters) -Spanish vogue retailer large Inditex (MC:) mentioned on Tuesday Marta Ortega, the daughter of its founder, will take over as chairwoman of the group in April with a brand new CEO, as a final step of a generational handover began a decade in the past.

She’s going to substitute Pablo Isla, who took over from her father Amancio Ortega, Spain’s wealthiest man, in 2011 as chairman. Isla had been deputy chairman since 2005, the corporate mentioned.

Oscar Garcia Maceiras, who had grow to be the corporate’s common counsel and secretary of the board in March, will assist Marta Ortega as CEO, changing Carlos Crespo, who took the publish two years in the past.

Crespo will stay Chief Working Officer.

Marta Ortega, 37, has been working for the corporate in several areas for the final 15 years.

“I’ve at all times mentioned that I might dedicate my life to constructing upon my dad and mom’ legacy, trying to the long run however studying from the previous and serving the corporate, our shareholders and our prospects,” she mentioned in a press release.

Amancio Ortega nonetheless owns 59.29% of Inditex, the most important listed Spanish firm, whereas Sandra Ortega, a daughter from his first marriage, is the second largest shareholder with a 5.05%, Refinitiv knowledge confirmed.