Latin America: Quilmes Industrial (Quinsa) S.A. appoints Joao Castro Neves to the position of Chief Executive Officer of Quinsa
Quilmes Industrial (Quinsa) S.A. announced September 15 that Joao Castro Neves will succeed Mr. Garcia Mansilla as Chief Executive Officer of Quinsa. Mr. Garcia Mansilla decided to step down from his position with effect from December 31, 2006. Joao Castro Neves is currently the Chief Financial Officer of Companhia de Bebidas das Americas - AmBev and a board member of Quinsa.
Commenting on his decision, Mr. Garcia Mansilla said: "These past years at Quinsa have been very intense. We have achieved all of the goals we had set ourselves, including the successful association of Quinsa and AmBev and the full integration of their operations. It has been a very exciting period of my life, but also a very demanding one. I believe it is now time to pursue other challenges. I am however fully committed to ensure the achievement of our targets for the year ended December 31, 2006."
Messrs. Jacques-Louis Montalembert and Victorio Carlos de Marchi, Co- Chairmen of Quinsa's Board of Directors, had the following comments: "On behalf of Quinsa's Board of Directors, we would like to thank Mr. Garcia Mansilla for his remarkable contribution to Quinsa throughout his tenure and wish him success in his new ventures."
Commenting on his appointment, Joao Castro Neves said: "This is a very exciting opportunity and I look forward to working with the management team of Quinsa. Agustin and I are also working together to ensure a smooth transition."
Quinsa is a Luxembourg-based holding company that controls approximately 93% of Quilmes International (Bermuda) ("QIB"). The remaining stake is held by Companhia de Bebidas das Americas - AmBev ("AmBev").
Quinsa, through QIB, controls beverage and malting businesses in five Latin American countries. Its beer brands are strong market leaders in Argentina, Bolivia, Paraguay and Uruguay, and have a presence in Chile. Further, pursuant to the Company's strategic alliance with AmBev, it has entered into license and distribution agreements to produce and sell in Argentina, Bolivia, Chile, Paraguay and Uruguay the AmBev brands. Similarly, under the agreements, AmBev may produce and distribute Quinsa's brands in Brazil.
The Company also has bottling and franchise agreements with PepsiCo, and thus accounts for 100% of PepsiCo beverage sales in both Argentina and Uruguay.
Quinsa's Class A and Class B shares are listed on the Luxembourg Stock Exchange. Quinsa's American Depositary Shares, representing the Company's B shares, are listed on the New York Stock Exchange.
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