- Wednesday, October 16, 2024
Mexican company Fomento Económico Mexicano, known as Femsa, is undergoing a management shake-up following successful implementation of its strategic plan focusing on core divisions.
Femsa has announced that CFO Eugenio Garza y Garza will be stepping down at the end of April, to be temporarily replaced by Martin Arias Yaniz, a veteran of the company's finance and strategy team. Yaniz will serve as interim CFO while Femsa conducts a search for a permanent replacement. The new CFO will report directly to CEO José Antonio Fernández Carbajal.
During a recent conference call with analysts, Fernández Carbajal expressed confidence in finding a suitable candidate within a reasonable timeframe, mentioning a projection of a year to 18 months. Furthermore, Fernández Carbajal revealed his intention to continue serving as CEO and chairman for at least 24 months.
Garza y Garza, who joined Femsa in 2018, played a pivotal role in the company's strategic restructuring known as "Femsa Forward," which involved shedding non-core assets like its holdings in Heineken, Jetro Restaurant Depot, and Envoy. Despite his departure as CFO, Garza y Garza will remain with Femsa in an advisory capacity.
Additionally, Chief Corporate Officer Francisco Camacho Beltrán has decided to leave the company by the end of April. Since joining Femsa in 2020, Camacho Beltrán has laid a foundation for sustained growth within the organization.
These management changes come at a time of transformation for Femsa as it refines its focus on core retail, soft drinks, and digital operations.
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