With the completion of Vitro“s financial restructuring, Alvaro Rodriguez, chief financial officer, is leaving to take up new personal and professional challenges. “lvaro is leaving the company to und…
With the completion of Vitro“s financial restructuring, Alvaro Rodriguez, chief financial officer, is leaving to take up new personal and professional challenges. “lvaro is leaving the company to undertake new professional endeavors.” said Federico Sada, CEO of Vitro. He said: “We wish to thank lvaro for leading this management effort that jointly, with a brilliant team, has helped to position this Company once again on a sustainable growth path”. Consistent with Mr. Rodriguez“s planned succession program and the objective to continue strengthening finances as outlined by Vitro“s CEO and the Board of Directors, the company has designated Enrique Osorio as chief financial officer. Enrique Osorio graduated in 1974 as CPA at the Instituto Tecnolgico y de Estudios Superiores of Monterrey (ITESM). Since then, he has been involved in the finance area and served as chief financial officer at Savia SA de CV and Seminis Inc. in California. At Seminis, he participated in the company“s financial and operating turnaround, including the restructuring of bank debt. He was involved in merger and acquisition activities as well as investor relations and financing activities. He served as treasurer at Cigarrera La Moderna. At Grupo Alfa, he participated in the debt restructuring, financing and investor relations areas for 13 years. Mr. Osorio has served as President of the Board of several financial funds including Vecto Divisas SA de CV; he participated as a member of the board of Xella Mexicana, a German – Mexican investment company. He is a member of the Board of Desarrollos Comerciales y Habitacionales de Vallarta S de RL among other operating and services companies, and has actively participated in financing, acquisitions and merger activities during his career. Mr. Osorio will continue to pursue Vitro“s plans to improve profitability and reinforce cost reduction and investment discipline efforts to ensure value creation for its investors. In announcing the organizational change, Federico Sada reiterated the commitment of the Vitro Executive Committee to keep working as a team in order to deliver results to those who participate in Vitro“s value chain, its shareholders, staff, and communities in which its operates. “lvaro and Enrique will work together until mid April of 2007 in order to assure a smooth and effective transition process”, said Federico Sada.