May 23, 2019 / 4:41 PM / a month ago

Zara owner Inditex proposes Crespo to take over from Isla as CEO

MADRID, May 23 (Reuters) - The world’s biggest clothing retailer Inditex said on Thursday it had proposed Carlos Crespo, the group’s current chief operating officer, to take over from Pablo Isla in the position of chief executive officer.

Isla, who until now has held the positions of both chairman and CEO, will stay as executive chairman at the owner of fashion brands Zara, Massimo Dutti and Bershka.

Crespo, 48, has been with Inditex for 18 years and will be responsible for technology, IT security, logistics and transportation amongst other areas in his new role.

“Carlos Crespo’s track record within the group and his responsibilities as COO made this promotion the natural next step,” Inditex said in a statement, adding he would work together with Isla to define overall company strategy.

The appointment will take effect in July, once approved by the board and shareholders.

Isla, 55, took over as chairman from Inditex’s founder Amancio Ortega in 2011, taking on the position in addition to his chief executive role. Ortega, now 83 and one of the world’s richest men, still plays an active role in the company.

Isla is well-respected amongst investors and has topped Harvard Business Review’s list of the best-performing chief executives in the world two years in a row. (Reporting by Sonya Dowsett, editing by David Evans)

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