– UK, London / MEXICO, Mexico City – Fresnillo plc (LON: FRES) today announced the election of current Deputy Chairman Alejandro Baillères as new Chairman of the Board of Directors with immediate effect, succeeding Alberto Baillères who is stepping down as Chairman and leaving the Board of Directors with immediate effect.
The Company also announced the nominations of Héctor Rangel and Eduardo Cepeda for election to its Board at the 2021 AGM to be held on 24 June 2021, respectively as an independent non-executive director and as a non-executive director.
“I am very pleased that Hector has agreed to join our Board, subject to his election at the Company’s forthcoming annual general meeting. With a broad understanding of Mexican business based on a distinguished career in banking, Mr. Rangel will be a valuable addition to the Fresnillo board. I look forward to welcoming him to the Board following the 2021 AGM.” said Alberto Baillères.
He added: “I am delighted that Eduardo has agreed to join the Board. He has considerable experience in finance, international markets, and banking. I also look forward to welcoming him to the board following the 2021 AGM”.
The Board has invited Alberto Baillères to become Honorary President of Fresnillo plc in recognition of his enormous contribution in creating Fresnillo plc as a major mining company and a constituent of the FTSE-100 Index.
About Héctor Rangel
Mr Rangel is the President of BCP Securities Mexico, a joint venture with BCP Securities LLC, a US investment bank specializing in emerging markets. Prior to this role, he was the CEO of Nacional Financiera S.N.C. and Banco Nacional de Comercio Exterior and a member of Mexico’s cabinet under President Felipe Calderon.
Mr. Rangel holds a degree as Industrial Engineer from Purdue University and an MBA from Stanford University.
Mr. Rangel has extensive corporate and investment banking expertise having held various executive positions with the Grupo Financiero Bancomer from 1991 until 2008, including a tenure as Chairman of the Board. Mr. Rangel has also been President of the Mexico Bank Association and President of the Mexican Business Council.
Mr Rangel served on the Company’s Board as an independent non-executive director from April 2008 to January 2009. Mr Rangel presently serves on the board of Canadian Utilities Limited, Luma Energy LLC, and Polyforum Cultural Siqueiros, as well as President of the Board of Trustees of the Museum Franz Mayer.
Mr Rangel is an independent non-executive director of Grupo Nacional Provincial, S.A.B. and Profuturo Afore, S.A. de C.V., which are companies within the BAL Group. He is not involved in executive duties in any of those companies and has a similar obligation to be independent for those two companies as for Fresnillo. The Board does not consider that Mr Rangel’s position as an independent non-executive director of the Company is adversely impacted by those two appointments.
About Eduardo Cepeda
Eduardo Cepeda was President and Senior Country Officer at JP Morgan based in Mexico City from 1993 to 2019. He was also CEO of JP Morgan Wealth Management Latin America, also based in Mexico City from 2009 to 2012. He led many important investment banking transactions, both in the public and private sectors, being a key participant in the growth and development of JP Morgan’s business in Mexico and Latin America.
Mr Cepeda has a degree in Business Administration and Economics from Deusto University, Bilbao and an MBA from the University of Southern California.
Mr. Cepeda served two periods as VP of the Mexican Bank Association and also served on the board of the Woodrow Wilson International Center for Scholars and has served as a counselor in several organizations related to culture, education, and health.
Mr Cepeda presently serves on the board of Grupo Profuturo, S.A.B. de C.V. and Grupo Palacio de Hierro, S.A.B. de C.V. He is also a director of Profuturo Pensiones, S.A. de C.V.; Profuturo Afore, S.A. de C.V.; Valores Mexicanos Casa de Bolsa, S.A. de C.V. and EnerAB, S. de R.L. de C.V.
Mr Cepeda is currently an adviser to the BAL Group and therefore, the Board does not consider him to be an independent Non-executive Director.
Fresnillo plc is the world’s largest primary silver producer and Mexico’s largest gold producer, listed on the London and Mexican Stock Exchanges under the symbol FRES.
Fresnillo plc has seven operating mines, all of them in Mexico – Fresnillo, Saucito, Ciénega (including Las Casas Rosario & Cluster Cebollitas), Herradura, Soledad-Dipolos, Noche Buena and San Julián (Veins and Disseminated Ore Body), three development projects – the Pyrites Plant at Fresnillo, the optimisation of the beneficiation plant also at Fresnillo, and Juanicipio, and four advanced exploration projects – Orisyvo, Rodeo, Guanajuato and Pilarica, as well as a number of other long term exploration prospects.
Fresnillo plc has mining concessions and exploration projects in Mexico, Peru, and Chile.
Fresnillo plc has a strong and long tradition of exploring, mining, a proven track record of mine development, reserve replacement, and production costs in the lowest quartile of the cost curve for silver.
Fresnillo plc’s goal is to maintain the Group’s position as the world’s largest primary silver company and Mexico’s largest gold producer.
For more information: http://www.fresnilloplc.com/
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