BeFra Appoints Diego Gaxiola as Independent Director to Its Board

Rhea-AI Summary

BeFra, listed on Nasdaq under BWMX, has announced the appointment of Diego Gaxiola as an Independent Director to its Board, effective May 13, 2024. The Board now comprises eleven members, eight of whom are Independent Directors. Gaxiola brings over 20 years of experience, having served as Global CFO at Grupo Bimbo and previously as CFO at Alsea. His expertise is expected to support BeFra's domestic and international growth strategies.

Positive

• Diego Gaxiola's appointment is expected to enhance the Board's expertise in finance and strategy.
• Gaxiola has significant experience in major consumer markets, which aligns with BeFra's business model.
• The Company's Board has a strong representation of Independent Directors, which can boost governance and investor confidence.

Negative

• The announcement lacks specific details on how Gaxiola's appointment will directly impact immediate business operations or financial performance.
• There are no financial projections or immediate business benefits presented in the PR related to this appointment.

GUADALAJARA, Mexico, May 14, 2024 /PRNewswire/ -- Betterware de México, S.A.P.I. de C.V. (Nasdaq: BWMX) ("BeFra" or the "Company") announced today that Mr. Diego Gaxiola has been appointed as Independent Director to BeFra's Board, effective May 13, 2024.

Following Mr. Gaxiola's appointment, the Company's Board comprises eleven members who possess a broad range of experience and skills in key areas such as strategy, finance, digital business, and marketing. Eight of the eleven Board members are Independent Directors.

Luis G. Campos, Executive Chairman of the Board, stated, "We are delighted to welcome Diego to our Board. Diego is a proven leader with over 20 years of experience in financial and administrative roles at leading consumer companies, and he possesses deep knowledge of both the Mexican and global consumer markets. We look forward to benefitting from Diego's expertise and are confident he will provide valuable perspectives as we advance our domestic and international growth strategies."

Mr. Gaxiola has served as Global CFO for Grupo Bimbo, the world's leading and largest baking company, since 2017, and has over 20 years of experience in similar roles. Previously, Mr. Gaxiola was CFO of Alsea, a leading operator of fast-food establishments, coffee shops and casual restaurants in Latin America and Spain that bear some of the world's leading brands. Prior to Alsea, he worked for Grupo Desc in corporate finance and at Grupo Televisa.

Mr. Gaxiola has a master's degree in finance from Universidad Anáhuac and a bachelor's degree in business administration from the University of Newport and Universidad Iberoamericana.

About Betterware

Founded in 1995, Betterware de Mexico is the leading direct-to-consumer company in Mexico focused on offering innovative products that solve specific needs related to household organization, practicality, space-saving, and hygiene. Through the acquisition of JAFRA on April 7, 2022, the Company now offers a leading brand of direct-to-consumer in the Beauty market in Mexico and the United States where it offers Fragrances, Color & Cosmetics, Skin Care, and Toiletries. The combined company possesses an asset-light business model with low capital expenditure requirements and a track record of strong profitability, double digit rates of revenue growth and free cash flow generation. Today, the Company distributes its products in Mexico and in the United States of America.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. Forward- looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The words "believe," "anticipate," "intends," "estimate," "potential," "may," "should," "expect" "pending" and similar expressions identify forward- looking statements. The forward-looking statements in this press release are based upon various assumptions. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations.

 

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SOURCE Betterware de México, S.A.P.I. de C.V.

FAQ

What recent appointment has BeFra (BWMX) announced?

BeFra has announced the appointment of Diego Gaxiola as an Independent Director to its Board, effective May 13, 2024.

Who is Diego Gaxiola?

Diego Gaxiola is a proven leader with over 20 years of experience in financial and administrative roles at leading consumer companies, including serving as Global CFO for Grupo Bimbo.

How many Independent Directors does BeFra (BWMX) have on its Board now?

BeFra's Board now includes eight Independent Directors out of eleven members.

What is the expected contribution of Diego Gaxiola to BeFra?

Gaxiola is expected to provide valuable perspectives in advancing BeFra's domestic and international growth strategies.