Cencosud Begins Search for New CEO

SANTIAGO, Chile--(BUSINESS WIRE)--Cencosud S.A. (“Cencosud” or “the Company”) reported today that its Board of Directors has formed a Talent Committee to lead a search for the Company´s new CEO. The search will have an international scope and will consider internal and external candidates.

"Cencosud's strategy, as set by the Board of Directors, has been executed by a robust and experienced management team, and we will look for a leader who has the necessary qualifications and attributes to take on this challenge," said Heike Paulmann, Chairwoman of the Board.

On October 19, 2023, the Board of Directors appointed Renato Gutiérrez as Interim CEO to lead the Company during the search process.

"Renato has a deep knowledge of the business, has been with the Company for over 17 years and is part of the team that has led the development of our 5 Strategic Pillars: 1) Financial Strengthening, 2) Organic and Inorganic Growth, 3) Innovation and New Trends, 4) Talent, and 5) Sustainability. He maintains very good relations with all our colleagues, and at the Board of Directors we are committed to supporting him for the duration of the search," added Mrs. Paulmann.

Looking ahead to the future of the Company, Mrs. Paulmann said: "We are carrying out a series of projects that keep us highly motivated. While we face challenging contexts across the different markets where we operate, we continually look for development opportunities for the business and our colleagues." Mrs. Paulmann also noted that the Company is consistently updating compliance protocols and procedures, adjusting them to the changes facing Cencosud, a global company that is present in seven countries and with over 120,000 employees.