Fomento Económico Mexicano, S.A.B. de C.V. is announcing changes in FEMSA?s senior leadership team. Eugenio Garza y Garza, FEMSA?s Chief Financial Officer (?CFO?), has also decided to finish his cycle at the Company and step down as CFO effective April 30, 2024. Since joining FEMSA in 2018, Eugenio has played an instrumental role in the strategic and corporate development of FEMSA, including the design and implementation of the FEMSA Forward strategy in record time, the successful divestment of FEMSA?s stake in Heineken, JRD, and Envoy, as well as numerous other benchmark-setting M&A and capital market transactions.

His leadership, financial acumen, and strategic vision have been key to the continued success and financial strength of FEMSA and its Business Units. Martin Arias Yaniz has been appointed Chief Financial Officer, effective April 30, 2024. Martin has been an integral part of FEMSA?s finance and strategy team for 25 years.

He began working with FEMSA in 1999 as a strategic advisor before formally joining FEMSA in 2003, occupying different leadership positions in the Corporate Development, Strategic Planning, and Treasury teams at both Coca-Cola FEMSA and FEMSA. From 2014 until 2019, he was FEMSA?s Director of Strategic Planning and Corporate Development. Since his departure from this role, Martin has continued as a close and trusted advisor of the Company for strategic projects, including FEMSA Forward and the implementation of its related transactions.

He will serve as FEMSA?s CFO on an interim basis, and FEMSA will conduct a thorough search process to appoint a permanent replacement in due course. FEMSA?s CFO will report to José Antonio Fernández Carbajal, FEMSA?s Executive Chairman and CEO. Martin will work closely with Francisco and Eugenio over the next two months to facilitate a seamless handover.

In addition, during this period, Eugenio will launch the implementation of the capital allocation elements of the FEMSA Forward strategy that was announced on February 15, transitioning to Martin in due course to ensure its continued success. Following his departure from the CFO position, Eugenio will remain working with FEMSA in an advisory role for key strategic projects.