Cencosud Announces Appointment of Rodrigo Larraín Kaplan as new CEO

• Rodrigo Larraín (52), will lead Cencosud holding company, which today has a presence in eight countries, with more than 120 thousand employees.

• The executive, who is known for his motivational and inspirational leadership, will head the Company's business strategy, which is based on five pillars: growth, innovation, sustainability, talent and financial strength.

SANTIAGO, Chile--(BUSINESS WIRE)--Cencosud S.A. announced today that its Board of Directors has appointed Rodrigo Larraín Kaplan as its next CEO, effective March 1, 2024. With this decision - reported today by the Company to the Financial Market Commission (CMF)- concludes the recruitment process that took place during the last three months.

Rodrigo Larraín (52) is a Civil Industrial Engineer from the Pontificia Universidad Católica de Chile. He completed an MBA at the Ross School of Business at the University of Michigan in the United States and the General Manager Program at Harvard University.

His professional career spans more than 25 years, of which over 10 have been associated with the Cencosud group, first as CEO of the Shopping Centers Division for the Region and then as CFO of Cencosud S.A. In 2021 he returned to the group assuming the position of CEO of Cencosud Shopping S.A.

Rodrigo Larraín was the candidate chosen to assume the role of CEO of Cencosud S.A., as he possesses the level of competence required for the position, along with inspiring and motivating leadership qualities, as well as high ethical standards. He is a professional with agility in decision-making and a strategic view centered on the client.

"He possesses the capabilities required to lead and contribute to the achievement of the Company's objectives. This includes further bolstering our competitive position in diverse markets, and, in collaboration with our dedicated teams advancing the implementation of our strategy,” commented Julio Moura, President of Cencosud. "Rodrigo is the ideal leader to spearhead our five-pillar strategy, focused on growth, innovation, sustainability, talent and financial strength, considering his professional expertise and personal skills,” Mr. Moura added.

The Board also expressed its sincere gratitude to Renato Gutiérrez for his commendable work as interim CEO. “Renato possesses an in-depth understanding of the Company, and as a board, we deeply appreciate the valuable contribution and professionalism he has demonstrated during these interim months,” concluded Moura. Renato will continue to serve as interim Chief Executive Officer until Rodrigo Larraín assumes the role. Following the transition, Renato will resume his position as Cencosud's Corporate Manager of Management Control.

Rodrigo Larraín commented: “I am grateful for the Board’s confidence in entrusting me as the Company’s next CEO. As CEO, I look forward to the opportunity to contribute to Cencosud's continued growth and to further enhance the quality and services that our customers have come to expect from Cencosud. I am very excited about the opportunities we have at the business and countries, and the strengths and commitment of our teams.”

The selection process

At the beginning of November 2023, the Company's Board of Directors entrusted the consulting firm with the crucial search of finding a leader who embodies the necessary characteristics to steer the Company towards continued success, in alignment with Cencosud's overarching strategy.

Throughout the three-month process, the consulting firm meticulously conducted national and international analyses and interviews, placing a premium on internal talent. The finalists underwent a thorough evaluation encompassing assessment, benchmarking, and a comprehensive 360° analysis, offering an extensive perspective on the candidates' characteristics and competencies. Amidst this process, the expert advisory team underscored the exceptional quality of the internal executives assessed, recognizing them as valuable talent poised to meet future challenges while possessing attributes conducive to enhancing Cencosud's corporate culture.

About Cencosud

Cencosud is one of the largest and most prestigious retailers in the Americas, with operations in Argentina, Brazil, Chile, Peru, Colombia, and the United States -in addition to a commercial office in China and a technological Hub in Uruguay- where it develops a successful multi-format strategy that today employs more than 120 thousand people. Its operation encompasses several business lines, such as Supermarkets, Home Improvement, Department Stores, Shopping Centers and Financial Services.

Additionally, Cencosud operates complementary businesses such as Cencosud Media and Cencosud Ventures, all of which are known for their quality, excellent level of service, and focus on customer satisfaction. For more information, please visit www.cencosud.com