FEMSA and Coca-Cola FEMSA Announce Changes in their Management Team

Constantino Spas will replace Alfonso Garza as Chief Executive Officer of FEMSA Negocios Estratégicos.

18-Oct-2022 - Mexico

Fomento Económico Mexicano, S.A.B. de C.V. and Coca-Cola FEMSA, S.A.B. de C.V. announced today that, based on their careful and deliberate management succession planning processes and within the previously established timeframe, John Santa Maria Otazua will retire from his position as Chief Executive Officer of Coca-Cola FEMSA on January 1, 2023. The Board of Directors of Coca-Cola FEMSA agreed to appoint Ian Craig Garcia, currently Chief Executive Officer of Coca-Cola FEMSA Brazil, as Chief Executive Officer of Coca-Cola FEMSA effective the same date. Ian's appointment has the full support of FEMSA's Board of Directors.

John has had an outstanding 27-year career at Coca-Cola FEMSA, serving in a variety of roles as the company evolved and grew to become the largest and most sophisticated bottler in the global Coca-Cola system. In his role as CEO since 2014, John was instrumental in guiding Coca-Cola FEMSA through a profound operational and digital transformation that positioned the company to create sustainable, long-term value, and expanded the company's geographic reach to include additional territories in Brazil, Guatemala, and Uruguay. Ian has been an important member of the FEMSA team for 28 years, with increasing responsibilities at Coca-Cola FEMSA since 2003.

Working closely with John, Ian has been CEO of Coca-Cola FEMSA Brazil since 2016, achieving remarkable results at every stage and aspect of the business.

Simultaneously, Alfonso Garza Garza will retire from his position as Chief Executive Officer of FEMSA Negocios Estratégicos on January 1, 2023. Constantino Spas Montesinos, currently Chief Financial Officer of Coca-Cola FEMSA, has been appointed, with the full support of FEMSA's Board of Directors, as Chief Executive Officer of FEMSA Negocios Estratégicos, effective the same date. Constantino's role at Coca-Cola FEMSA has been fundamental to the company's strategic direction and progress. His appointment as the head of FEMSA Strategic Businesses reflects FEMSA's vision and conviction of the great opportunities that are enabled by the cross-fertilization of talent among its business units.

Alfonso has had a successful 37-year track record in various FEMSA business units, serving as Chief Executive Officer of our Strategic Businesses division since 2012. In this role, Alfonso has been instrumental in growing our refrigeration business and logistics and distribution operations, including the promising growth opportunity we are pursuing through the Envoy Solutions platform. Alfonso has also played an active leadership role in FEMSA's quest to generate social value through his role in the FEMSA Foundation and the Board of Directors of Tec de Monterrey. For his part, Constantino joined Coca-Cola FEMSA in 2018 contributing his extensive international experience in the consumer products industry. At Coca-Cola FEMSA, he has held executive positions in Strategic Planning, New Business Development and most recently as Director of Administration and Finance, demonstrating a high level of leadership, performance and adaptability in each of these roles.

The appointments announced today represent additional steps in FEMSA and Coca-Cola FEMSA's long-term talent and succession planning process. Replacements for Ian and Constantino will be named in due course.

Note: This article has been translated using a computer system without human intervention. LUMITOS offers these automatic translations to present a wider range of current news. Since this article has been translated with automatic translation, it is possible that it contains errors in vocabulary, syntax or grammar. The original article in Spanish can be found here.

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