FEMSA Announces Senior Leadership Succession Plan

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MONTERREY, Mexico, Oct. 15, 2021 (GLOBE NEWSWIRE) — Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA” or the “Company”) (NYSE:FMX, BMV:FEMSAUBD, FEMSAUB)) announced today that in accordance with its senior leadership succession planning process, and consistent with previously established timeframes, Eduardo Padilla will retire from his position as FEMSA's Chief Executive Officer on January 1, 2022. Accordingly, FEMSA's Board of Directors has appointed Daniel Rodríguez Cofré, currently CEO of FEMSA Comercio, to become FEMSA's Chief Executive Officer as of January 1, 2022.

Eduardo has had an exceptional trajectory of almost 25 years at FEMSA, joining as head of strategic planning in 1997. He served as Chief Executive Officer of FEMSA Comercio for 16 years, during which he led the effort to turn OXXO into the leading proximity retailer in Mexico and Latin America. Eduardo helped FEMSA Comercio enter the drugstore business in Mexico, Chile, and Colombia, as well as consolidate its position in the retail fuel business in Mexico. In 2016 he became FEMSA's Chief Corporate Officer and on January 1, 2018, he was appointed Chief Executive Officer of FEMSA. During his tenure as CEO, FEMSA improved its …

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