President Of Spanish Fashion Giant Inditex Announces Retirement
The richest man in Spain
Amancio Ortega
He retired this week. He is a fashion magnate.
President of Inditex group
And founder, owns
ZARA
There are nearly 10 fast fashion brands such as Bershka and Stradivarius.
However, the low-key Ortega did not hold any abdication ceremony and declined media interviews. It only gave a short notice to his 98 thousand employees, announcing that he would give the first chair to PabloIsla, the 47 year old vice chairman of the group.
Ortega started from scratch, 35 years later, ranking ninth in the Forbes rich list in 2010, and he is 75 years old and he is still in good health.
Jose Luis Nueno, a professor of marketing at the University of Barcelona, believes that this is the ideal period for Ortega to resign: "no one would like to see that job replacement is a measure and decision that has to be taken by managers because of sudden illness or bad company management."
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