Fashion giant Inditex is having a big boardroom reshuffle.
On Tuesday (November 30) it said Marta Ortega would become chairwoman of the group.
She's the daughter of founder Amancia Ortega - Spain's richest man.
The Spanish company - which owns Zara - said the 37-year old would take over from current chairman Pablo Isla, who spoke to reporters.
“Why are we addressing this transition now? We are tackling it now because we understand that it is an optimal moment, we understand that the company is very solid, it has a well-defined strategy, it has fantastic teams in all areas, the combination of youth and experience."
Isla led the company's global expansion for more than a decade.
Inditex's share price rose eight-fold during his time in charge and its market value soared to almost $106 billion.
Tuesday also saw Oscar Garcia Maceiras named as the next CEO:
“I take on this responsibility with enormous enthusiasm, it is a very big challenge. I'm excited but at the same time I have a peace of mind because of the great team we have."
Marta Ortega has worked for Inditex in a number of roles for the past 15 years.
Most analysts said she was the natural successor to her father, but some investors say the change has come too early.
Inditex shares tumbled 6% following news of the reshuffle.
The firm dismissed the move as a short-term reaction.