BUENOS AIRES, Argentina--(BUSINESS WIRE)--Grupo Supervielle S.A. (NYSE: SUPV) (BYMA: SUPV), (“Supervielle” or the “Company”) a universal financial services group headquartered in Argentina with a nationwide presence, announced today that it has separated the roles of Chairman of the Board and Chief Executive Officer. The Board of Directors unanimously appointed Jorge Ramirez as the Company’s next Chief Executive Officer, effective September 1, 2018, while Mr. Patricio Supervielle remains Chairman of the Board.
“I am delighted to announce the appointment of Jorge Ramirez as the next Chief Executive Officer to lead Grupo Supervielle into the future,” said Patricio Supervielle, Chairman and CEO of Grupo Supervielle. “By splitting the roles of Chairman and CEO we are aligning the management structure to the highest corporate governance standards and focusing the role of CEO on executing the Company’s Digital Transformation strategy, driving growth and enhancing efficiency and profitability.”
Mr. Supervielle continued, “Jorge is an excellent leader with the right combination of deep industry, management and operational experience who has prepared for over a year for his new responsibilities arising from this management role separation. We have worked side by side for seven years and he has participated in every step of the development of our long-term strategy. As Chairman I will remain fully dedicated to Grupo Supervielle setting the strategic direction for long-term success of the business, while supporting Jorge in any way he may find useful. This continues to be my only business and I look forward to working with him as he leads the Company into its next phase of development.”
Mr. Ramirez has over 37 years’ experience in the financial sector. He joined the Company in 2011 as member of the Board of Directors of Grupo Supervielle and has served as Executive Vice Chairman of the Board since 2013, as well as Vice Chairman of the Board of Banco Supervielle and Chairman of the Board of Supervielle Seguros. Previously, he served as Regional President and Country Manager for Argentina, Uruguay and the Andean Region at BankBoston. Mr. Ramirez is a Certified Public Accountant with a degree from the University of Buenos Aires and Executive Management Program degree (PADE) from ESE.
“It is an honor to lead Grupo Supervielle into the future,” said Mr. Ramirez. “I am looking forward to my role as Chief Executive Officer and to continuing my deep personal and professional commitment to the success of the Company while delivering superior value creation. We are very excited about the long-term growth opportunity that lies ahead of us and remain committed to executing on our five-year strategic plan focused on deepening our operational leverage, increasing share of wallet of clients, acquiring new clients through tailored propositions for each of our target segments and enhancing user experience and loyalty through digital transformation and innovation.”
In his new role, Mr. Supervielle will remain fully dedicated to Grupo Supervielle and will continue to chair the Company’s Board of Directors while also working closely with Mr. Ramirez on longer-term strategic initiatives for the Company. Patricio Supervielle has led the Group in different capacities since 2002.
In addition, consistent with achieving greater efficiency and simplicity, the new CEO role will take over the current functions of COO. Consequently, José Luis Panero will step down from the role of COO and leave the Company.
“I would like to thank Jose Luis Panero for his significant contribution and commitment to our Company over the last 16 years. He has played an important leadership role, first in his capacity as CEO of Banco Supervielle for over 7 years and later as COO of the Group, overseeing the development of the successful asset management and insurance groups and helping us execute our most recent acquisitions of Mila and InvertirOnline.com. We wish him the very best in his new endeavors,” commented Mr. Patricio Supervielle.
About Grupo Supervielle S.A. (NYSE: SUPV; BYMA: SUPV)
Grupo Supervielle S.A. (“Supervielle”) is a holding company with a long-standing presence in the Argentine financial system and a competitive leadership position in certain attractive market segments. It was founded by the Supervielle family, which took its first steps in the banking sector in 1887 and is now controlled by Patricio Supervielle. Its shares are listed in BYMA and NYSE since May 2016. Grupo Supervielle has developed a multi-brand business model to differentiate financial products and services offered to a broad spectrum of individuals, small and medium-sized enterprises and large companies in Argentina. To date, it is made up of Banco Supervielle, Cordial Compañía Financiera, Tarjeta Automática, Supervielle Seguros, Espacio Cordial de Servicios, Supervielle Asset Management, Mila, InvertirOn-Line and Sofital.
Safe Harbor Statement
This press release contains certain forward-looking statements that reflect the current views and/or expectations of Grupo Supervielle and its management with respect to its performance, business and future events. We use words such as “believe,” “anticipate,” “plan,” “expect,” “intend,” “target,” “estimate,” “project,” “predict,” “forecast,” “guideline,” “seek,” “future,” “should” and other similar expressions to identify forward-looking statements, but they are not the only way we identify such statements. 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 release. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) changes in general economic, financial, business, political, legal, social or other conditions in Argentina or elsewhere in Latin America or changes in either developed or emerging markets, (ii) changes in regional, national and international business and economic conditions, including inflation, (iii) changes in interest rates and the cost of deposits, which may, among other things, affect margins, (iv) unanticipated increases in financing or other costs or the inability to obtain additional debt or equity financing on attractive terms, which may limit our ability to fund existing operations and to finance new activities, (v) changes in government regulation, including tax and banking regulations, (vi) changes in the policies of Argentine authorities, (vii) adverse legal or regulatory disputes or proceedings, (viii) competition in banking and financial services, (ix) changes in the financial condition, creditworthiness or solvency of the customers, debtors or counterparties of Grupo Supervielle, (x) increase in the allowances for loan losses, (xi) technological changes or an inability to implement new technologies, (xii) changes in consumer spending and saving habits, (xiii) the ability to implement our business strategy and (xiv) fluctuations in the exchange rate of the Peso. The matters discussed herein may also be affected by risks and uncertainties described from time to time in Grupo Supervielle’s filings with the U.S. Securities and Exchange Commission (SEC) and Comisión Nacional de Valores (CNV). Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as the date of this document. Grupo Supervielle is under no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.