The offices of the Comptroller and Tax, e-business and MIS, Procurement, and the Administration and Finance Departments of the various business units, will continue reporting to him.
Alvaro RodrÌguez has been designated as Chief Financial Officer, and the Corporate Financing and Treasury area will report to him. RodrÌguez joins Vitro after a successful financial career in leading Mexican companies. He has been CEO of Farmacias Benavides and Vice President of Finance and Administration (CFO) of Grupo Elektra S.A. de C.V. He holds a B.A. in Economics from the Instituto Tecnologico Autonomo de Mexico (ITAM) and an MBA from Harvard Business School.
By strengthening its financial team, Vitro will be able to continue developing a specialized and thorough work in its financial operations, maintaining a healthy financial structure to increase its businesses profitability, and reinforcing a firm expenses and investment discipline.
In addition, this structure will allow the company to keep on complying with the accounting guidelines and rules established by the Securities authorities and to implement policies in order to achieve the companies business strategies aimed to meet the investors expectations.
Federico Sada reiterated the commitment shared by everyone in Vitro to maintain the companyís leadership based on its values, such as customer's orientation, quality, creativity and innovation, team work, and integrity. Sada pointed out that, despite the adverse economic environment faced in the last months, it is necessary to undertake additional efforts for Vitro to increase its profitability and productivity ratios for the second half of year 2003.
Vitro Strengthens Top Management
Vitro, S.A. de C.V. announced recently that in order to continue strengthening its financial position, reinforce its commitment to establish efficient processes and reduce costs and expenses, Chief Executive Officer, Federico Sada, informed that starting on August 18, the current responsibilities of the Chief Financial Officer will be split and undertaken by the Executive Vice President of Administration and the Chief Financial Officer.Claudio Del Valle, will be the new Executive Vice President of Administration.