Founder's daughter named chair of fashion giant Inditex

Marta Ortega daughter of Inditex chief Amancio Ortega, Europe's richest man, and her husband Sergio Alvarez talk during the Madrid Open tennis tournament in Madrid, Spain, Saturday, May 10, 2014 . Spanish textile maker Inditex says that Marta Ortega will become its new chairwoman. Inditex’s board of directors has named the 37-year-old Ortega to replace Pablo Isla in April. (AP Photo/Daniel Ochoa de Olza)

People walk past a Zara store in Barcelona, Spain, Wednesday, Aug. 27, 2014. Marta Ortega, the daughter of the founder of Spanish textile maker Inditex, which owns the Zara clothes store chain, will become its next chairwoman, the company said Tuesday. (AP Photo/Manu Fernandez, File)

MADRID (AP) — The daughter of the founder of Spanish clothing company Inditex, which owns Zara, Massimo Dutti and other fashion chains, has been named as the company's next chairperson. woman, the company said Tuesday.

Inditex’s board of directors named Marta Ortega to replace Pablo Isla, who has led the company since founder Amancio Ortega stepped down as chairman in 2011. The board also named Óscar García as Inditex's new CEO.

Marta Ortega, 37, is slated to start April 1 as chairwoman of the company her father founded in 1963 in northwest Spain before turning it into an international leader in retail fashion. Her and García's appointments must be ratified at an annual shareholders' meeting.

“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,” Marta Ortega said. “I’m deeply honored by the trust that has been placed in me, and enormously excited about the future that we are all about to embark upon together.”

Besides its flagship Zara stores, Inditex also owns the Massimo Dutti, Pull & Bear, Bershka, Oysho and Stradivarius fashion chains.