Fomento Económico Mexicano, S.A.B de C.V (FMX - Free Report) announced a host of senior management changes yesterday, which will take effect from Jan 18, 2015.
The company revealed that Eduardo Padilla Silva, the current Chief Executive Officer (“CEO”) of its retail business, FEMSA Comercio, and Daniel Rodríguez Cofré – FEMSA’s present Chief Financial Officer (“CFO”) and Corporate Officer, will switch roles.
Padilla, who has worked with FEMSA for roughly 18 years now, has been leading FEMSA Comercio since 1999. Under his leadership, he took OXXO forward, helping it become one of the top Mexican retail stores. Padilla enhanced OXXO’s presence by expanding its network to over 13,000 countrywide stores along with new drugstore and gasoline stations that hold solid potential.
Padilla’s able leadership skills and profound experience played a vital role in building FEMSA Comercio’s basic culture and placing it well for growth, both within Mexico and beyond. Management thinks that these qualities of Padilla will likely benefit FEMSA’s overall business portfolio as well.
Coming to Daniel, he joined the company in Jan 2015 and was in charge of FEMSA’s financials and staff functions in his role. Prior to this, Daniel served Chile-based retailer Cencosud as CEO for 6 years, before which he worked with Royal Dutch Shell (RDS.A - Free Report) for over 10 years, assuming various top finance positions.
Therefore, his solid experience in the retail industry and significant know-how of the lubricant and fuels space, are most likely to help him lead FEMSA’s retail division. Management believes that Daniel’s return to the retail atmosphere will take FEMSA Comercio forward on its growth path.
These management changes form part of the company’s strategy of continuously shuffling its senior management to make the team explore different business avenues. This has always been an important and successful business tool for the company. The recent changes mark another step in this regard, and in turn, position FEMSA for future growth by solidifying its management.
FEMSA currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the same industry include Primo Water Corporation (PRMW - Free Report) , with a Zacks Rank #1 (Strong Buy) and Dr Pepper Snapple Group, Inc. , with a Zacks Rank #2 (Buy).
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