Cencosud S A : Initiates Search for New CEO

Cencosud Initiates Search for New CEO

Santiago, October 20, 2023-.Cencosud S.A. has announced the formation of a Talent Committee within the Board of Directors to spearhead the search for a new CEO. The search will extend internationally, evaluating both internal and external candidates.

"The strategy set forth by Cencosud's Board has been diligently executed by a robust and highly experienced managerial team. We are now in pursuit of a leader who embodies the essential traits to undertake this challenge",

said Heike Paulmann, Chairwoman of the Board.

In the interim, the board appointed Renato Gutiérrez as the Interim CEO on October 19.

"Renato possesses an in-depth understanding of the business, with over 17 years of service in the Company, and is part of the core team leading our strategic development based on five pillars: Financial Strengthening, Organic and Inorganic Growth, Innovation and New Trends, Talent, and Sustainability. He has forged strong relationships with all our employees, and we, as a Board, are dedicated to supporting him throughout the duration of this search",

the Chairwoman remarked.

On the future outlook of the Company, Heike Paulmann elucidated:

"We are at the helm of several exciting projects that keep us highly motivated. While we navigate challenging terrains across the various markets we operate in, our continual quest for developmental opportunities for both the business and our employees remains unyielding."

Heike Paulmann further added that the reinforcement and constant updating of compliance protocols and procedures continue, aligning them with the global stature of Cencosud, a company with a presence across seven countries and boasting a workforce of over 120,000 employees.