THE BOARD OF DIRECTORS OF CORPORACIÓN INMOBILIARIA VESTA S.A.B. CONFIRMED THE AUTHORITY GRANTED BY THE SHAREHOLDERS TO MR. LORENZO BERHO CORONA AS FULL-TIME EXECUTIVE CHAIRMAN AND APPOINTED MR. LORENZO DOMINIQUE BERHO CARRANZA AS NEW CHIEF EXECUTIVE OFFICER, THEREFORE CONFIRMING THE FORMAL SEPARATION OF THE ROLES OF CHAIRMAN AND CEO, EFFECTIVE AUGUST 1ST, 2018.
Mexico City, Mexico; April 26, 2018 – Corporación Inmobiliaria Vesta, S.A.B. de C.V. (“VESTA”) (BMV: Vesta), one of the leading pure-play industrial real estate companies in Mexico, announced today that its Board of Directors confirmed Lorenzo Berho Corona as full-time Executive Chairman with the authority granted in the Shareholders Meeting held on March 21, 2018. In conjunction, the Board of Directors appointed Lorenzo Dominique Berho Carranza, who currently serves as COO, as CEO of the Company. Mr. Berho Carranza will take the CEO position on August 1st, 2018.
Mr. Berho Corona led the company as President of the Board and CEO since he founded it in 1998. His role as Executive Chairman will complement the role of the CEO and is compliant with Mexican public company regulations. “I am excited to continue serving this great company, now in the role of Executive Chairman, overseeing strategic direction and strengthening our relationships with key stakeholders”, said Mr. Berho Corona, “Vesta’s future looks bright. We will continue growing and diversifying our portfolio to better serve our clients, while continuing to create value for our shareholders. We are also entering a new and promising era for the company that will require renewed leadership which I am enthusiastic to support and assist.”
Mr. Berho Carranza, Vesta’s COO, has made fundamental contributions to the Company in three key areas: (i) the expansion and development of its portfolio; (ii) the development of the company’s strategy, and (iii) the implementation of organizational improvements and restructuring to support Company growth. Mr. Berho Carranza also serves as alternate board member of Corporación Inmobiliaria Vesta S.A.B. and the Mexican Association of Industrial Parks (AMPIP). “I am honored by the Board’s appointment and I am fully committed to lead the company through a new period of growth and success, while ensuring the right organizational structure including finding a replacement for my current role. I am fortunate to have a close relationship with an outstanding board of directors and a best in class executive team. Together, we will continue positioning Vesta as a market leader and a value generator for our shareholders.” expressed Lorenzo Dominique Berho.
The succession plan and the separation of the Chairman and CEO roles are the result of a carefully institutional, eight-month long process aimed at continuing implementation of corporate governance best practices in the Company. John Foster, Co-founder of Broadreach Capital and Vesta board member remarked: “I think that both initiatives are well designed and have been thoughtfully executed. This is clearly an excellent choice of the right people at the right time.” Thomas McDonald, partner of Jaguar Growth Partners and Vesta board member further noted: “This institutional process represents the natural evolution for Vesta and has provided a combination of leaders that will take Vesta to the next level. I look forward to working with them both”.
Vesta is a leading real estate owner, developer and asset administrator of industrial buildings and distribution centers in Mexico. As of March 31, 2017, Vesta owned 174 properties located in modern industrial parks in 14 states of Mexico totaling a GLA of 27.1 million square feet (2.51 million square meters). The Company has multinational clients, which are focused in industries such as aerospace, automotive, food and beverage, logistics, medical devices, and plastics, among others. For additional information visit: www.vesta.com.mx
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