TLALNEPANTLA DE BAZ, Mexico--(BUSINESS WIRE)--Mexichem, S.A.B. de C.V. (BMV: MEXCHEM*) (“The Company” or “Mexichem”) announced that it will appoint Daniel Martínez-Valle to the position of Chief Executive Officer, following the resignation of Antonio Carrillo, who has informed us that he is leaving to pursue other professional interests in the US at a public company. The Board of Directors of Mexichem will formally appoint Mr. Martínez-Valle in the coming days.
Mr. Martínez-Valle, 46, is currently CEO of Kaluz, an industrial and financial conglomerate, which he joined in 2010. Previously, he was the Director of Worldwide Strategy & Planning at Cisco, a worldwide technology leader. Prior to that, Mr. Martínez-Valle was the founding partner of a private equity firm and also served as CEO of Aquanima, a leading provider of global supply management for large corporations in Europe and Latin America. Earlier in his career, he was a consultant at McKinsey & Co., and served as Chief of Staff in the Mexican Ministry of Finance. Mr. Martínez-Valle earned an MBA from Stanford University, a B.S. from ITAM.
Commenting on this upcoming appointment, Mr. Juan Pablo del Valle, Mexichem’s Chairman said, “We are fortunate to have a person of Daniel’s leadership style, vision and background. He is the right person to lead Mexichem in our development as a purpose driven, future fit organization. Daniel has been instrumental in the profitable growth and global expansion of Kaluz and brings tremendous industrial and technological leadership. Importantly, Daniel is current on all areas of Mexichem’s operations, having worked closely with the Company’s operating management teams in an advisory capacity, specifically around recent acquisitions, including the Netafim transaction.”
Mexichem’s Chairman continued, “We appreciate Antonio’s valuable contribution to all Mexichem’s stakeholders and his role in developing the organization’s talent and in positioning the Company for future growth. At the same time, we accept his decision to assume another leadership position, and we all wish him continued success in his new endeavor.”
“This is a great honor for me, and I am pleased to be working together with the excellent global teams in place at Mexichem,” Mr. Martínez-Valle noted. “Mexichem has a unique growth platform, and I look forward to leveraging my experience to build upon the Company’s success to-date.”
“This was a difficult decision for me personally. Mexichem is a fantastic company with strong fundamentals and a terrific management team. I am pleased to be leaving it in excellent hands, with strong growth prospects ahead and with tremendous potential coming from the Netafim acquisition” said Antonio Carrillo.
The Company takes this opportunity to re-affirm its guidance for 2017 full year EBITDA growth of 20%-25% above the $884 million in EBITDA reported in 2016. Mexichem expects to close the Netafim acquisition in early February.
In order to accommodate any questions from the financial community related to this announcement, the Company has decided to host a brief conference call at 4pm Mexico City Time/5pm US Eastern Time today, January 31, 2018, hosted by Mr. Carrillo and Mr. Martínez-Valle. The call will be open to analysts and investors.
Details are as follows:
| USA Toll Free Dial-in: +1 (877) 883-0383 |
| International Dial-in: +1 (412) 902-6506 |
| Participant Elite Entry Number: 1593841 |
Click here for the webcast.
Mr. Carrillo and Mr. Martínez-Valle will work together during the upcoming transition period, and both will participate in the Company’s investment community conference call scheduled for Thursday, February 22, 2018 at 10 a.m. Mexico City Time/11 a.m. US Eastern Time, following the release of Mexichem’s fourth quarter and full year 2017 results.
ABOUT MEXICHEM
Mexichem is a global leader in plastic piping and one of the world’s largest chemical and petrochemical companies. It has more than 50 years of experience. The Company contributes to global development by delivering an extended portfolio of products to high growth sectors such as infrastructure, housing, datacom and water management, among others. With operations in 37 countries, 120 facilities worldwide and more than 18,000 employees, Mexichem has the rights to produce fluorspar in two mines in Mexico, as well as 8 formation academies and 15 R&D labs. Operations are divided into two value chains and three business units: Ethylene Chain: Vinyl and Fluent Business and Fluor Value Chain, which includes Fluor business group. Mexichem has annual revenues of US$5.4 billion and has been traded on the Mexican Stock Exchange for more than 30 years. The company is member of the Mexican Stock Exchange Sustainability Index and the sustainability emerging markets index FTSE4Good.
Forward-looking Statements
In addition to historical information, this press release contains "forward-looking" statements that reflect management's expectations for the future. The words “anticipate,” “believe,” “expect,” “hope,” “have the intention of,” “might,” “plan,” “should” and similar expressions generally indicate comments on expectations. The final results may be materially different from current expectations due to several factors, which include, but are not limited to, global and local changes in politics, the economy, business, competition, market and regulatory factors, cyclical trends in relevant sectors; as well as other factors that are highlighted under the title “Risk Factors” on the annual report submitted by Mexichem to the Mexican National Banking and Securities Commission (CNBV). The forward-looking statements included herein represent Mexichem’s views as of the date of this press release. Mexichem undertakes no obligation to revise or update publicly any forward-looking statement for any reason unless required by law.”
Mexichem has implemented a new Code of Ethics that rules its relationships with its employees, clients, suppliers and general groups. Mexichem’s Code of Ethics is available for consulting in the following link: http://www.mexichem.com/Codigo_de_etica.html Additionally, according to the terms contained in the Securities Exchange Act No 42, Mexichem Audit Committee established a mechanism of contact, which allows that any person that knows the unfulfilment of operational and accounting records guidelines and lack of internal controls of the Code of Ethics, from the Company itself or from the subsidiaries that this controls, file a complaint which is anonymously guaranteed. The whistleblower program is facilitated by a third party. The telephone number in Mexico is 01-800-062-12-03. The website is http://www.ethic-line.com/mexichem and contact e-mail is mexichem@ethic-line.com. Mexichem’s Audit Committee will be notified of all complaints for immediate investigation.