Cencosud Announces Election of Richard Buchi as Independent Director to Represent Minority Shareholders

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Apr 26, 2013, 12:19 ET

SANTIAGO, Chile, April 26, 2013 /PRNewswire/ -- Cencosud (NYSE: CNCO, BCS: CENCOSUD) a leading South American retailer with operations in Chile, Argentina, Brazil, Peru and Colombia, today announced the results of its Annual Shareholder Meeting.

After the resignation of Sven Von Appen, a new Board of Directors was elected. All previous board members were re-elected and a new independent director was also designated. Shareholders elected Mr. Richard Buchi as an independent director to represent the interests of minority shareholders.

Mr. Buchi is a leading figure in Chilean business and finance, having served as both Chairman and CEO of Entel SA, a telecom company, as well as heading Chile's securities regulator, the SVS. He will join Mr. David Gallagher as an independent board member. Mr. Horst Paulmann, the Chairman and controlling shareholder, gave up a seat that was under his control in order to increase the representation of minority shareholders on Cencosud's board.

About Cencosud

Cencosud is a leading multi-brand retailer in South America, headquartered in Chile and with operations in Chile, Brazil, Argentina, Peru and Colombia. The company, founded by Chairman Horst Paulmann, operates in supermarkets, home improvement stores,shopping centers and department stores, always aiming to deliver the right product at the right price to Latin America's growing middle class. In 2012, the Company listed American Depositary Receipts (ADRs) on the New York Stock Exchange.