Amancio Ortega, founder of Zara steps down

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THE founder of clothing label Zara, Amancio Ortega, has stepped down as chairman of his retail empire as planned. Inditex’s 47-year-old chief executive, Pablo Isla, is his successor.

According to Forbes’ magazine’s latest rich list, 75-year-old Ortega is the seventh richest person in the world. He will remain a majority shareholder of Inditex.

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