Amancio Ortega retires: the founder of Inditex drops over 50 executive positions

The founder of Inditex, Amancio Ortega, has left his positions in 53 subsidiaries of the textile group, six years after having ceded the presidency of the group to Pablo Isla. With this gesture, the founder of the largest fashion retail group in the world kicks off his retirement

The businessman, who left the executive functions of Inditex in 2011, was listed as joint agent in more than fifty subsidiaries linked to the group's brands, and also to the logistics, design or supervision of the brands that make up Inditex.

Sources of the sector indicate that it is "a mere administrative procedure that ends the process started in 2011" (when it ceded power to Isla) but they clarify that Ortega continues to be the owner of 59.9 percent of Inditex through its investment vehicle, Pontegadea.

The revocations of the positions of the founder of Inditex have appeared published in the Mercantile Registry of La Coruña, coinciding with the publication of the group's quarterly accounts.

Pablo Isla, CEO of Inditex, recently defended that the "most important business figure in the history of Spain" is that of his predecessor and founder of the company, Amancio Ortega. Isla praised the "culture" that the creator of Zara has transmitted to the rest of the company, based on the "entrepreneurial spirit, teamwork, non-protagonism and ambition with humility", characteristics that he defined as characteristic of the Coruñés textile group "in all departments and in all countries."

Image:Amancio Ortega. Inditex