Bachoco Announces the Designation of the Secretary of Board of Directors

Rhea-AI Summary

Industrias Bachoco announced that Mr. Daniel Salazar Ferrer has been designated as the secretary of the Board of Directors during the Shareholder Meeting held on September 22, 2021. Mr. Salazar, who is currently the Chief Financial Officer, has been with Bachoco since 2000 and has served in his current role since January 2003. Bachoco is Mexico's leading poultry producer and listed on both the NYSE and BMV. The company maintains a strong operational infrastructure with over 29,000 employees and holds a AAA credit rating in Mexico.

Positive

• Mr. Salazar's promotion may strengthen the board's financial oversight.
• His extensive experience with the company could enhance strategic decision-making.

Negative

• Concerns regarding continuity in leadership if Mr. Salazar takes on additional responsibilities.

CELAYA, Mexico--(BUSINESS WIRE)-- Industrias Bachoco S.A.B. de C.V. (“Bachoco” or “the Company”) (NYSE: IBA; BMV: BACHOCO) Mexico’s leading producer and processor of poultry and other food products, announces that during the Company’s Shareholder Meeting, held on September 22^nd 2021, the Board approved the designation of Mr. Daniel Salazar Ferrer as secretary of the Board of Directors.

Mr. Salazar is currently Chief Financial Officer of Industrias Bachoco. He joined us in 2000 and assumed his current position in January 2003. Previously, Mr. Salazar worked for four years as Chief Financial Officer at Grupo Covarrubias and as Comptroller at Negromex, a company of Grupo Desc. Mr. Salazar holds an accounting degree from Universidad Tecnológica de Mexico, a master’s degree in Business Administration from ITESM, and a Diploma from the IPADE (A-D2).

COMPANY DESCRIPTION

Industrias Bachoco is the leader in the Mexican poultry industry, and one of the largest poultry producers globally. The Company was founded in 1952, and became a public company in 1997, via a public offering of shares on the Mexican and The New York Stock Exchange. Bachoco is a vertically integrated company headquartered in Celaya, Guanajuato located in Central Mexico. Its main business lines are: chicken, eggs, balanced feed, swine, and turkey and beef value-added products. Bachoco owns and manages more than a thousand facilities, organized in nine production complexes and more than 80 distribution centers in Mexico, and a production complex in the United States. Currently the Company employs more than 29,000 people.

The Company is rated AAA (MEX), the highest rating awarded by Fitch Mexico, S.A. de C.V., and HR AAA which signals that the Company and the offering both have the highest credit quality by HR Ratings de Mexico S.A. de C.V.

DISCLAIMER

The document contains certain information that could be considered forward looking statements concerning anticipated future events and performance of the Company. The statements reflect management’s current beliefs based on information currently available and are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in our Annual Information Form, which could cause our actual results to differ materially from the forward-looking statements contained in this document. Those risks and uncertainties include risks associated with ownership in the poultry industry, competition for investments within the poultry industry, shareholder liability, governmental regulation, and environmental matters. As a result, there can be no assurance that actual results will be consistent with these forward-looking statements. Except as required by applicable law, Industrias Bachoco, S.A.B. de C.V., undertakes no obligation to publicly update or revise any forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210923005028/en/

IR contact information:

maria.jaquez@bachoco.net

andrea.guerrero@bachoco.net

T. +52(461)618 3555

Source: Industrias Bachoco S.A.B. de C.V.

FAQ

Who is the new secretary of the Board of Directors at Bachoco?

Mr. Daniel Salazar Ferrer has been designated as the secretary of the Board of Directors.

What is Daniel Salazar Ferrer's current role at Bachoco?

He is currently the Chief Financial Officer, a position he has held since January 2003.

When was the Shareholder Meeting announced by Bachoco?

The Shareholder Meeting was held on September 22, 2021.

What are the main business lines of Industrias Bachoco?

Bachoco's main business lines include chicken, eggs, balanced feed, swine, and turkey and beef products.

What is the significance of Bachoco's AAA credit rating?

The AAA rating indicates the highest credit quality, reflecting the company's financial health.

What is the location of Bachoco's headquarters?

Bachoco is headquartered in Celaya, Guanajuato, Central Mexico.