Vidrala announces a CEO succession plan

April 2th 2024


Vidrala announces that, as a result of a planned succession process, the Board of Directors has decided to appoint the current Chief Financial Officer (CFO) Raúl Gómez as the next chief executive officer (CEO), effective June 30, 2024. The Board will take into consideration the current CEO, Gorka Schmitt, to be proposed as a member of the Council.

“It has been a privilege to be part of Vidrala for more than 26 years and to serve as CEO for these last 13 successful years. “I have been fortunate to have worked in a great company, surrounded by a great team, generating excellent results, and I will support Raúl to ensure an efficient transition,” said Gorka Schmitt.

“It is an honor for me to receive the trust of the Council. I feel grateful and proud to take on the responsibility and build on Gorka's legacy to continue strengthening the Group's leadership position and take advantage of the many opportunities that lie ahead,” said Raúl Gómez. “Today we are a different, more solid company, with competitive leadership positions in growing markets, with a clear strategy after a deliberate focus on strategic regions and with an agile and talented team that will allow us to continue growing profitably. On this journey, the customer, cost and capital will continue to form the basis of our strategic and management principles. “My intention is to work with the Board, the management team and all our people to continue creating value for our shareholders, with our mind firmly placed on our customers and the objective of supplying our products and services in the most sustainable way.”

Vidrala confirms the solid evolution of the business at the beginning of the year 

The new perimeter after the integration of Vidroporto in Brazil is progressively contributing to greater growth. Vidrala reiterates anticipated growth trends and expects to consolidate results in Europe and the United Kingdom, complemented by strong trends in Brazil. More details will be provided during the General Meeting of Shareholders (AGM), at which time the official forecasts for the 2024 financial year will be communicated.

The agenda of the AGM includes the proposal of an extraordinary dividend in the amount of 4,00 euros per share, conditional on the effective sale of Vidrala Italia. In February, the company announced an agreement for the sale of its Italian subsidiary, a divestment that comes after deep reflection and that will help Vidrala focus on strategic regions and take advantage of the opportunity to materialize the value created in Italy. Closing of the transaction is still subject to obtaining customary approvals.

If the transaction is closed, the aforementioned extraordinary dividend would be added to the previously announced profit distribution proposal of 1,4455 euros per share - including 4 euro cents per share as a bonus for attendance at the AGM - which already represented a 20% increase in the annual dividend, considering the effect of the new shares allocated free of charge after the last paid-up capital increase.

In addition, Vidrala is currently executing a program to buy back its own shares, through which up to 330.000 shares will be acquired for a maximum effective amount of 33 million euros. The purpose of the program will be to redeem own shares equivalent to 1% of the share capital, increasing the profit per share that corresponds to each shareholder.

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