By Anthony Harrup


MEXICO CITY -- Mexican baking company Grupo Bimbo said it created a new position of executive chair to be held by current chairman and chief executive Daniel Servitje, while the CEO job will be taken by Rafael Pamias.

Pamias, Bimbo's chief operating officer and chief sustainability officer, will become CEO on May 1.

Bimbo, the world's largest baking company with 227 bakeries and operations in 35 countries, said its aim is to improve corporate governance and strategic supervision following years of expansion.

"The executive chair will focus on strategic decision making, ensuring the alignment of the true long-term view, as well as the interests of the shareholders and board of directors," Bimbo said in a release late Thursday. Pamias will be responsible for running the company, reporting to Servitje.

Servitje, 65, has been Bimbo's CEO since 1997. He will also remain as Bimbo chairman.


Write to Anthony Harrup at anthony.harrup@wsj.com


(END) Dow Jones Newswires

04-19-24 0753ET