Vitro names CEO

Vitro S.A.B. de C.V., announced 14 November 2008 that the company is taking the necessary measures in order to embrace the current worldwide financial situation and to this end the board of directors …

Vitro S.A.B. de C.V., announced 14 November 2008 that the company is taking the necessary measures in order to embrace the current worldwide financial situation and to this end the board of directors has decided to provide a professional approach to the company“s management by integrating an independent executive, designating Hugo Lara as the new CEO of Vitro. Outgoing CEO Federico Sada will continue as a member of the board of directors. “On behalf of each and every member of the Board of Directors, we wish to thank Federico for his extraordinary contribution to the Company during his 34 year career. We recognize his dedication and commitment to Vitro during more than three decades”, said Adrin Sada, chairman of the board. Before joined Vitro, Hugo Lara headed Parmalat in Mxico as its CEO. During more than five years at Vitro, he has held several executive positions and was formerly president of the Flat Glass business unit. Hugo Lara said that he will immediately focus on a cost and expenses reduction program, as well as on an organizational restructuring process in order to strengthen Vitro“s financial position and liquidity. At the same time, he said that the plans for each of the company“s business unit“s will be reviewed to ensure their viability in the challenging financial environment. The board of directors said that it will closely follow each and every one of the actions implemented in the future by the company to ensure it continues creating value for its customers, shareholders, suppliers, investors, employees, financial institutions and other key audiences.