Buenaventura CFO Carlos Gálvez leaves at short notice

  • Push-out Score suggests push-out forces
  • After almost 17 years in the position
  • Praise and words of regret for Gálvez
  • Leandro García taking over

(exechange) — Lima, Peru, October 27, 2017 — Carlos Gálvez, finance chief of Buenaventura, leaves. It is a change at short notice. As announced by Compañia de Minas Buenaventura S.A.A. in a news release on Friday, October 27, 2017, Carlos Gálvez leaves the post as Chief Financial Officer at Peru’s largest publicly-traded precious metals mining company after almost 17 years in the position, effective December 01, 2017.

It is the end of an era.

Gálvez’ move comes ten months after Victor Gobitz took over as CEO of Compañia de Minas Buenaventura S.A.A.

Gálvez’ duties are taken over by Leandro García, currently Controller at Compañia de Minas Buenaventura S.A.A.

“To ensure the future generations of Buenaventura employees’ professional development”

The imminent management change is explained as follows. Buenaventura said: “Mr. Gálvez is retiring at age 65, which is in line with the policy that he himself established to ensure the future generations of Buenaventura employees’ professional development.”

Precise information about the future plans of Gálvez was not immediately available.

“Retirement”

Buenaventura said: “Compañia de Minas Buenaventura S.A.A. …, Peru’s largest publicly-traded precious metals mining company, today announced the retirement of Mr. Carlos Gálvez, Vice President and Chief Financial Officer, after almost forty years with the Company.”

Chaired by Roque Benavides

Compañia de Minas Buenaventura S.A.A. is chaired by Roque Benavides.

Roque E. Benavides Ganoza served as the President and Chief Executive Officer at Compañia de Minas Buenaventura S.A. A. since February 2001 until January 1, 2017.

CEO: Victor Gobitz

Victor Gobitz serves as CEO of Compañia de Minas Buenaventura S.A.A. Victor Gobitz Colchado has been Chief Executive Officer and President of Compañía de Minas Buenaventura S.A.A. since January 1, 2017.

In the position of CFO since 2001

Carlos Ernesto Galvez Pinillos has been the Chief Financial Officer and Vice President of Compañía de Minas Buenaventura S.A.A. since February 2001.

Gálvez has served as Buenaventura’s Vice President and CFO since 2001, when he was promoted from Deputy Manager of Finance and Information Systems.

He joined Buenaventura in 1978, and is currently Alternate Director in Cerro Verde and Alternate Member of the Executive Board of Yanacocha.

Further, Gálvez is currently Director of nine of Buenaventura’s subsidiaries including Sociedad Minera El Brocal, Empresa de Generación Huanza, Consorcio Energético de Huancavelica, and Contacto Corredores de Seguros.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Carlos Gálvez’ imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 45.2017 ($).