Cencosud reinforces its corporate structure and creates a new Retail Ecosystem management team

• With this new structure, the Company seeks to give greater agility and autonomy to the Cencosud teams, strengthening collaborative work, promoting innovation and the physical-digital ecosystem.

• It also aims to generate greater synergies between the different areas of the organization, helping to advance towards its goal of being recognized as a benchmark, innovative, leading edge global retailer.

SANTIAGO, Chile--(BUSINESS WIRE)--As of Monday, March 11, Cencosud S.A. has in place a new corporate organizational structure, with the purpose of accelerating its five-pillar strategic plan. This will be driven by an innovative culture that positions Cencosud as an industry leader and sets benchmarks at a global level.

Among the key changes disclosed by the Company is the creation of the new Corporate Management of Retail Ecosystem which will be led by Ricardo Bennett, who most recently was Department Stores Manager. This new business group will be comprised of the following business areas: Technology; Cencommerce; Innovation & Ventures; Customer Experience, Analytics & Media; Regional Commercial; Payment Options; Uruguay, and Supply Chain and Procurement. This new business group will be driving the digital ecosystem, synergies, efficiencies and new sources of revenue, integrating different technologies, platforms and channels, strengthening analytical capabilities, all with the goal of improving the customer experiences and increasing customer loyalty.

Cencosud also announced the appointment of Andrés Neely, as Chief Financial Officer replacing Inés Ostenrieder, who is leaving the Company. Mr. Neely was most recently CFO of Cencosud Shopping S.A. He is tasked with continuing to maximize value creation in the businesses and countries, leading financial discipline, capturing synergies and development of the capital allocation strategy.

Cencosud's CEO, Rodrigo Larraín, commented that "with this reorganization we seek to give greater agility and autonomy to Cencosud's teams, strengthening collaborative work, enhancing innovation and the physical-digital ecosystem. I am convinced that this new structure will generate synergies between the different areas of the organization, which will help us to advance in our goal of being a benchmark, innovative, and leading retailer at a global level".

Mr. Larraín added that this new structure seeks to strengthen Cencosud's teams in order to execute the five-pillar strategy: Financial Strength, Growth, Innovation & New Trends, Talent and Sustainability. He also took the opportunity to announce that the management of Paris Chile, will now be led by Juan Luis Taverne, who previously served as New Business Manager of Paris.

The corporate managements that now report to the CEO are: People, Administration and Finance, Real Estate, Retail Ecosystem, and Legal and Institutional Relations. In addition to these, there are the country managers (Argentina, Colombia, Brazil, Peru and the United States), and managers of each business unit in Chile (Supermarkets, Home Improvement, Department Stores) and Cenco Malls at the regional level.