Adrián Sada Cueva as the new Chief Executive Officer, replacing Mr. Hugo A. Lara García, who as from today and during the following months will assist Mr. Sada Cueva to guarantee an orderly transition.
“I congratulate Adrián for the responsibility he is accepting. I am confident that under his vision and leadership, Vitro will head toward a new and successful stage in its centennial life. I have decided to retire from the organization and submit my resignation to the Board, after fulfilling the commitment I undertook since the beginning of my administration to complete the financial restructuring of the Company. I always maintained that at the end of this challenging process, Vitro would be stronger and today this is a reality”, said Mr. Lara García. On behalf of the Board of Directors, Mr. Adrián Sada González, its Chairman, thanked Mr. Lara García for his contribution as Vitro’s leader: “The commitment and professionalism of Hugo were a key factor so that we could successfully conclude the restructuring process of our Company, which today presents a solid financial position and is at the dawn of a new development stage and brilliant future”.
For the appointment of Mr. Sada Cueva, the Board evaluated his profile and experience and considered that he is the ideal person to lead the Company in this phase. Also, the favorable opinion of the Corporate Practices Committee was taken in consideration, committee that is comprised in its entirety by independent directors.
Vitro’s main shareholders are confident that under the guidance of Mr. Sada Cueva, Vitro will reach new horizons and strengthen its leadership position in the industry. They agreed on the Board’s designation, deeming it as the most appropriate to start a new management and to take advantage of the excellent perspectives that the Company currently has. They are certain that the organization is in an unbeatable position to begin a new era.
Mr. Sada Cueva, who held the position of President Glass Containers since March 2012 and who has over 15 years of experience in the Company, commented on his appointment: “I thank the Board for this decision and for the trust placed in me. I believe that the strategic position of our business and the great talent that exists within the organization will allow us to continue generating 2 value for all our stakeholders and to consolidate Vitro as a stronger, more productive, and innovative Company”.
Before leading the Glass Containers business unit, Mr. Sada Cueva was VP Operations and Administrative & Financial Officer of said division, actively participating in all areas of this business. During 2008 and part of 2009, he led Vitro’s Internal Restructuring Division, in order to obtain savings and execute disinvestments of non-productive assets. From 2006 to 2008, he was VP of Vitro Automotive, business dedicated to the manufacture and commercialization of automotive glass; and, before that, he was VP of Vitro Cristalglass and held several positions in the Flat Glass business unit. Throughout his career path in the Company, he has also worked in Marketing and Added Value areas.
Mr. Sada Cueva has a degree in Business Administration by the Tecnológico de Monterrey, and has a master’s degree in Business from Stanford University. He is a member of the Boards of Directors of Empresas Comegua, S.A., Regional Board of Grupo Financiero Banorte, S.A.B., North Regional Board of CIBanco, Housing Cluster Council, General Board of the Universidad de Monterrey, and Club Industrial de Monterrey. He also participates actively as counselor in the Confederación Patronal de la República Mexicana (Coparmex) Nuevo León, Organización Vida Silvestre A.C., and Salinas del Pacífico, S.A. de C.V. The Board of Directors also mentioned that it will closely and timely follow the measures that are implemented under the administration of Mr. Sada Cueva to assure that the Company continues to generate value to its customers, shareholders, suppliers, investors, personnel, financial institutions, and other stakeholders.
Vitro, S.A.B. de C.V. (BMV: VITROA), is the leading glass manufacturer in Mexico and one of the world’s major glass companies, backed by more than 100 years of experience in the industry. Founded in 1909 in Monterrey, Mexico, the company currently has subsidiaries in the Americas, which offer quality products and reliable services to meet the needs of two different types of business: glass containers and flat glass. Companies of Vitro produce, process, distribute and market a wide range of glass articles which are part of the daily life of thousands of people. Vitro offers solutions for multiple markets including food, drinks, wines, liquors, cosmetics and pharmaceuticals, as well as the architectural and automotive. The company is also a supplier of raw materials, machinery and equipment for industrial use. As a socially responsible company, Vitro implements various initiatives to contribute to improving the quality of life of its employees, providing support to the communities where it has presence, preserving the environment and favoring an ethical and transparent management.
For more information, please consult the website: www.vitro.com.