Vidrala announces CEO succession plan

March 2024
Raúl Gómez – CEO Vidrala.
  • Vidrala outlines planned succession whereby current CFO Raúl Gómez will succeed Gorka Schmitt as CEO, effective June 30, 2024
  • Trading update confirms expected solid business performance at the start of the year, grounded on the new business perimeter
  • Agenda for the Annual General Meeting, announced today, includes a proposal for an extraordinary dividend of EUR 4.00 per share, conditioned upon the effective sale of Vidrala Italia

Vidrala, Encirc’s parent company, announces today that, as a result of a planned succession process, its Board of Directors has elected current Chief Financial Officer (CFO) Raúl Gómez, as next Chief Executive Officer (CEO), effective June 30, 2024. The Board will consider the current CEO, Gorka Schmitt, to be proposed to serve as a member of the Board.

“It has been a privilege be part of Vidrala for more than 26 years and serve as CEO for the past successful 13 years. I have been fortunate to have worked with a great team at a great company delivering superior results, and I will support Raúl to secure an efficient transition”, said Gorka Schmitt.

“I am honoured and grateful to receive the confidence of the Board, proud to take responsibility and build on Gorka’s legacy by further strengthening the Group’s leading position and executing on the many compelling opportunities ahead,” said Raúl Gómez. “We are today a different and stronger company, with leading competitive positions in growing markets, a clear strategy after a deliberate refocus in core regions, and a talented and agile team for continued profitable growth. I promise that customers, cost, and capital will firmly dictate our strategic and management principles. I look forward to working with our Board, leadership team and all our people to continue creating superior value for our shareholders, with our customer in mind and with the firm aim to make our products and serve our markets in the most sustainable way.”

The Board of Directors would like to thank Gorka for his remarkable leadership. During his 13-year tenure, the team has transformed Vidrala, simultaneously delivering superior performance while creating even greater future potential. Raúl has been a close partner in the executive team over the years, playing a relevant role in the corporate actions that have accelerated the company’s growth and diversification, while maintaining a solid financial position. With the company well positioned, the Board considers it is the right time to transition the role to Raúl and expresses its confidence in his leadership capabilities to successfully face future business challenges.

 

Vidrala confirms solid business performance at the start of the year

The new perimeter after the integration of Vidroporto in Brazil is progressively contributing to superior growth. Moreover, demand is showing signs of stabilisation in all regions of activity, at a time when our customer service level is particularly well positioned to capture this context. Finally, competitiveness levels are improving, driven by the ambitious investments made to realign the industrial footprint.

As a result, the company reiterates that the business is showing the anticipated growth trends and underlying profits are expected to remain safe in Europe and the UK, complemented by solid trends in Brazil. Further details will be provided during the Annual General Meeting (AGM), to be held on April 30, 2024, at which time the official guidance for the full year 2024 will be communicated.

 

Proposes an extraordinary dividend of EUR 4.00 per share, conditioned upon the effective sale of Vidrala Italia

The agenda for the AGM -announced today and available here– includes a proposal for an extraordinary dividend of EUR 4.00 per share conditioned upon the effective sale of Vidrala Italia. Remember that, on February 28, 2024, the company announced an agreement to sell the Italian subsidiary, a divestment that comes after deep strategic reflection and that will help Vidrala re-focus on core regions while crystallise the opportunity to realise the value created. The closing of the transaction is still subject to the customary approvals.

In case the transaction is closed, the aforementioned extraordinary dividend would be added to the previously announced results distribution proposal of EUR 1.4455 per share -including EUR 4.00 cents per share offered as attendance bonus to the AGM- which already represented a 20% increase in the annual dividend, considering the effect of the new shares assigned free of charge after the last bonus share issue.

Additionally, Vidrala is currently executing a share buy-back programme, through which up to a maximum of 330,000 shares will be acquired for a maximum cash amount of EUR 33 million. The purpose of the programme is to reduce the share capital of Vidrala by the redemption of own shares, with the aim of contributing to the shareholders’ remuneration policy through the increase in earnings per share corresponding to each shareholder.


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