Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) Q3 2023 Earnings Conference Call October 27, 2023 11:00 AM ET
Company Participants
Juan Fonseca - Vice President, Investor Relations
Paco Camacho - Chief Corporate Officer
Eugenio Garza - Chief Financial Officer
Jorge Collazo - Coca-Cola FEMSA, Investor Relations
Conference Call Participants
Ricardo Alves - Morgan Stanley
Ben Theurer - Barclays
Bob Ford - Bank of America
Thiago Bortoluci - Goldman Sachs
Álvaro García - BTG
Alan Alanis - Santander
Rodrigo Alcantara - UBS
Héctor Maya - Scotia Bank
Ulises Argote - JPMorgan
Alejandro Fuchs - Itaú
Operator
Hello, and welcome to the FEMSA's Third Quarter 2023 Results Conference Call. Please note this conference is being recorded. And for the duration of the call, your lines will be on listen-only. However, you'll have the opportunity to ask questions. [Operator Instructions]
I will now hand you over to Juan Fonseca to begin today's conference. Thank you.
Juan Fonseca
Good morning, everyone. Welcome to FEMSA's third quarter 2023 results conference call.
Today, we are joined by Paco Camacho, our Chief Corporate Officer; Eugenio Garza, our CFO; and Jorge Collazo, who heads Coca-Cola FEMSA Investor Relations team.
The plan is for Paco to open the conversation with some high level of strategic comments on trends and results, followed by Eugenio, who will focus more on the detailed numbers, and we will then open the call for your questions. Paco, please go ahead.
Paco Camacho
Thank you, Juan. Good morning, everyone. Let me begin by thanking you once again for all your kind messages of support and sympathy around the passing of Daniel last quarter. He left a big hole for us, but also a big legacy and we renewed purpose to continue what he starts. To that end, Jose Antonio transition seamlessly and is now fully engaged in his dual role as Chairman and CEO, steering the ship as we continue to execute our ambitious strategy.
On that note, and as an update on where we are on FEMSA Forward, we can inform you that regarding the Envoy IFSBrady transaction announced at the end of August, the regulatory process has advanced according to schedule, and we expect the transition to close soon.
Additionally, we have launched the divestiture process for the next layer of assets, including those related to Solistica and Inder [ph], and we have already made progress on those early efforts.
Furthermore, last month, we announced changes to FEMSA's senior leadership team, as well as an evolution of the organizational structure of our retail business vertical. Once these changes take effect in November, we will have one leader for each of the three-fold business verticals in full consistency with FEMSA Forward, enabling our organization to operate with maximum focus and effectiveness.