Femsa CCO Francisco Camacho Beltran, CFO Eugenio Garza y Garza to step down

Fomento Economico Mexicano announced that, as part of its commitment to the FEMSA Forward strategy, it is implementing changes in its corporate organization. The company said, “Consistent with the FEMSA Forward strategy, each of our three core business verticals will continue strengthening their already robust teams to ensure they capture the significant growth opportunities ahead of them. Their size and complexity require a strong team, dedicated to the execution of their strategies, and the achievement of their business objectives. Our FEMSA corporate organization will focus on setting the overall strategic direction and providing guidance and support for the core businesses, including all major strategic, financial, and capital market-related matters. In this context, and having largely concluded the transformational transactions stemming from FEMSA Forward, today we are announcing two changes in FEMSA’s senior leadership team.” Francisco Camacho Beltran, FEMSA’s Chief Corporate Officer, has decided to complete his cycle at the Company and pursue new professional challenges, stepping down from his role effective April 30, 2024. Eugenio Garza y Garza, FEMSA’s CFO, has also decided to finish his cycle at the Company and step down as CFO effective April 30, 2024. Martin Arias Yaniz has been appointed CFO, effective April 30, 2024. Martin has been an integral part of FEMSA’s finance and strategy team for 25 years. He will serve as FEMSA’s CFO on an interim basis, and FEMSA will conduct a thorough search process to appoint a permanent replacement in due course. FEMSA’s CFO will report to Jose Antonio Fernandez Carbajal, FEMSA’s Executive Chairman and CEO. Martin will work closely with Francisco and Eugenio over the next two months to facilitate a seamless handover. In addition, during this period, Eugenio will launch the implementation of the capital allocation elements of the FEMSA Forward strategy that was announced on February 15, transitioning to Martin in due course to ensure its continued success. Following his departure from the CFO position, Eugenio will remain working with FEMSA in an advisory role for key strategic projects.