Cencosud’s Board of Directors Renewed Julio Moura Elected as President

Cencosud S.A. convened its Annual Ordinary Shareholders’ Meeting with an impressive 93.55% shareholder attendance, held on the 61st floor of the Gran Torre Costanera in Providencia, Santiago. Chaired by Julio Moura, and with Rodrigo Larraín, CEO, at the helm, the meeting saw the election of four new members to the Board of Directors, marking a significant change for the company.

Josefina Montenegro Araneda, Mónica Jiménez González, María Leonie Roca, and Peter Paulmann Koepfer, all seasoned in corporate governance, ESG, and real estate, have been welcomed as fresh faces onto the board. This marks a pivotal moment as the 2024-2027 Board of Directors now comprises nine members, with Julio Moura Neto assuming the role of Chairman following a subsequent board meeting. Alongside him are Manfred Paulmann Koepfer, Peter Paulmann Koepfer, Felipe Larraín Bascuñán, Josefina Montenegro Araneda, Mónica Jiménez González, María Leonie Roca, Ignacio Pérez Alarcón, and Carlos Fernández Calatayud, with the latter two serving as representatives of the AFPs (pension funds administrator).

During the Annual Ordinary Shareholders’ Meeting, pivotal matters were deliberated upon. These included the commendable outcomes for 2023, the robustness of the growth-focused strategy, and the ambitious US$641 million investment blueprint for 2024.

Noteworthy achievements of the preceding year encompassed advancements in financial fortification and both organic and inorganic expansion. Particularly notable were Cencosud’s inaugural year operations in the United States with The Fresh Market and in Brazil with Giga. In both arenas, the company exhibited adeptness in integrating new ventures, yielding commendable performances.

Julio Moura, Chairman of the Board of Cencosud, remarked on the positive closure of 2023 across multiple domains including growth, financial prowess, innovation, sustainability, talent cultivation, and governance. He underscored the resilience demonstrated in diverse economic landscapes across operational territories and highlighted the sustained double-digit EBITDA margin for the third consecutive year, excluding the impact of hyperinflationary conditions in Argentina. Additionally, he spotlighted the strides made in sustainability, notably the implementation of the Integrated Environmental Management and Energy Efficiency Policy, resulting in an 11% reduction in greenhouse gas emissions compared to the previous year across Cencosud’s facilities.

Concluding the discourse, Rodrigo Larraín, CEO of Cencosud, outlined the focal points for 2024, emphasizing the acceleration of organic growth, innovation, bolstering the physical-digital ecosystem, and enhancing operational efficiencies and profitability. He disclosed plans for an extensive investment initiative, encompassing the inauguration of 43 new stores and the addition of over 50 thousand square meters of sales floor, signifying an 80% increase compared to the preceding year.

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