Genomma Lab Announces Management Changes
Jorge Brake new CEO
MEXICO CITY, Aug. 23, 2018 /PRNewswire/ -- Genomma Lab Internacional, S.A.B. de C.V. (BMV: LABB) ("Genomma Lab" or "the Company"), one of the leading pharmaceutical and personal care products companies in Mexico with an increasing international presence, today announced that Jorge Luis Brake Valderrama has been named as Chief Executive Officer, in line with the Company's ongoing long-term strategic and succession planning, effective September 10, 2018. Mr. Juda will remain active at Genomma in an advisory role to Mr. Brake to ensure a smooth transition. Mr. Brake joins Genomma with more than 25 years of related industry experience with The Procter and Gamble Company as CEO of P&G's Latin America division. His most recent role as Senior Vice President at Laureate Education Inc., the largest global education network, also afforded him with a deep expertise in market research to understand the consumer behaviors and preferences of the millennial generation which enabled Laureate to expand throughout Latin America.
Mr. Rodrigo Herrera, Chairman of Genomma Lab's Board of Directors, commented: "We are delighted that Jorge will become our Company's next CEO. He has demonstrated exceptional leadership in his extensive tenure working in the consumer products industry. He brings the vision and values to lead Genomma Lab to execute on the next phase in our development, as we continue to strengthen our organizational structure and move the Company forward with a focus on driving topline growth."
Mr. Herrera continued, "The Board of Directors has a strong emphasis on succession planning to ensure that the company is best positioned to deliver on our value proposition to all stakeholders. The leadership succession announced today is part of a deliberate and thoughtful process that began to take shape as part of the turnaround process. Jorge's election as our incoming CEO enables us to ensure a seamless transition in this important leadership position for our Company. The Board appreciates the tremendous progress Genomma has made under Max's dedicated leadership of our turnaround phase, to become one of the world's leading consumer products companies. We look forward to building on this progress with Jorge as our next CEO. We would like to thank Max for his considerable success during his 15-year tenure at Genomma Lab and look forward to working together in his new advisory role."
Mr. Max Juda added, "I strongly believe in the power of change to drive a Company's long-term growth and innovation. For Genomma, the time for a change in leadership is now- and I am confident that Jorge is the right person to bring us through its next chapter. I'm very satisfied with the sales, EBITDA and FCF results we achieved during our turnaround process, which was initially established as a three-year term, with a new team in place that has been key to achieving this success. The Company has a brilliant future and in my new role, working with Genomma's Board, we'll be able to support Jorge as we take Genomma Lab to the next level."
"This is an exciting time for Genomma, and I am eager to lead the next chapter as Chief Executive Officer," said Mr. Jorge Brake. "I look forward to working closely with our outstanding management team as we continue to innovate, profitably expand our customer base in key market segments, and expand our international presence. I also look forward to working with Genomma's Board to drive long-term value for our shareholders and customers."
About Jorge Luis Brake Valderrama
Mr. Brake holds a Bachelor of Science from the University of Lima in Peru and an MBA from Harrington Institute in the U.K., as well as a Certificate of Management Excellence (Corporate Governance) from Harvard Business School (HBS). Prior to joining Genomma Lab, Mr. Brake held the position of Senior Vice President of Global Operations at Laureate Education Inc. (NASDAQ: LAUR), which has a total enrollment of over one million students as of the 2018 academic year. Prior to LAUR he was CEO in Latin America at The Procter & Gamble Company, where he spent almost 25 years in leadership roles in sales, marketing, customer service and general management in Mexico, Peru, Brazil, the U.S., Colombia and Central America.
Other Organizational Announcements
Effective August 22, 2018, Mr. Marco Sparvieri, currently Executive Vice President of Sales, has expanded his responsibilities to become Executive Vice President of Operations. Mr. Santiago Velez, who is currently Vice President of Manufacturing, will also be in charge of R&D, becoming Executive Vice President of Manufacturing and R&D.
About Genomma Lab Internacional
Genomma Lab Internacional, S.A.B. de C.V. is one of the fastest growing pharmaceutical and personal care products companies in Latin America. Genomma Lab develops, sells and markets a broad range of Premium branded products, many of which are leaders in the categories in which they compete in terms of sales and market share. The Company has a sound business model through a unique combination of a new product development process, consumer oriented marketing, a broad retail distribution network and a low‐cost, highly flexible supply chain operating model. For more information visit: www.genommalab.com
Genomma Lab's shares are listed on the Mexican Stock Exchange under the ticker "LABB" (Bloomberg: LABB:MM).
Note on Forward-Looking Statements
This report may contain certain forward-looking statements and information relating to the Company that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like "believe," "anticipate," "expect," "envisages," "will likely result," or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation and in oral statements made by authorized officers of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Genomma Lab Internacional, S.A.B. de C.V.
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