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Zara owner Inditex splits off CEO role, Isla stays in charge


Added 05-23-19 02:03:02pm EST - “The world's biggest clothing retailer Inditex said on Thursday it would spl...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Zara owner Inditex splits off CEO role, Isla stays in charge”. Below is an excerpt from the article.

MADRID (Reuters) - The world’s biggest clothing retailer Inditex said on Thursday it would split its current dual role of chief executive and chairman, leaving Pablo Isla leading the company as chairman and appointing COO Carlos Crespo as the new CEO.

The appointment reflected the importance of technology at Inditex, a company source said, given the owner of Zara, Massimo Dutti and Bershka is seeking to integrate online sales with its store network by focusing on large stores where customers might try on items to buy later online.

Although Inditex is seen by investors as one of the best-performing apparel retailers, its earnings growth has come under pressure as it faces increasing competition and as online retailing makes shoppers more savvy trawling for bargains.

As chief operating officer, Crespo oversaw the integration of the company’s online and physical stores with features like “click and collect” and the ability of customers to check online to see if an item was available in a nearby store.

Isla, who until now has held the positions of both chairman and CEO, will stay as executive chairman. Crespo will work with Isla to define overall company strategy, the company said.

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