Fresnillo finance chief Arreguin to retire as firm names successor
(Alliance News) - Fresnillo PLC late on Monday afternoon announced the pending retirement of Chief Financial Officer Mario Arreguin, and named Rodrigo Sandoval as his designated successor.
The precious metals miner in Mexico, Peru and Chile said Arreguin has worked at Fresnillo for 37 years, having first joined as CFO in 2008. He previously fulfilled the same role at parent company Industrias Penoles SAB de CV.
Fresnillo also said it was "very pleased" to name Rodrigo Sandoval as CFO designate, effective from September 21. He will succeed Arreguin as CFO and join the executive committee on November 1.
Sandoval was CFO of Mexican conglomerate Grupo Gigante SAB de CV from 2018 to August this year, Fresnillo noted. He previously worked as CFO of Grupo Mexico SAB de CV's Mining division.
Fresnillo said that during the handover period, Sandoval will undertake "a structured onboarding programme to build a detailed understanding of the company's operations, organisation, and key stakeholders while working alongside Mr Arreguin."
Arreguin, after Sandoval formally succeeds him, will remain at Fresnillo as a senior advisor from November to the end of January.
"As CFO of Penoles, and subsequently CFO of Fresnillo since our 2008 IPO, [Arreguin] has played an important role in the development and growth of Fresnillo as a leading FTSE 100 precious metals company," commented Chair Alejandro Bailleres. "His contribution has helped establish a strong financial foundation for the company.
"Today's announcement reflects the board's commitment to thoughtful, long-term succession planning...Following a thorough selection process, Rodrigo emerged as a strong candidate for the role.
"His experience in the mining sector and corporate finance, together with his leadership background, provide a solid foundation for him to take on this important responsibility."
Fresnillo shares closed down 3.4% at 2,912.00 pence on Monday in London.
By Emma Curzon, Alliance News reporter
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