Mike Keyes To Retire As Proximo CEO, Luis Félix To Replace HimJuly 29, 2021
Industry veteran Mike Keyes will retire as president and CEO of Proximo Spirits by the end of the year, with Luis Félix, currently Grupo Cuervo’s managing director for Mexico & Latam, set to replace him. Prior to joining Proximo in 2019, Keyes had a long career at Brown-Forman, including time as president of the North America region.
Meanwhile, Cuervo posted second quarter net sales up 9.7% to $480 million, despite a 3.8% decline to $343 million in North America, where the company was hampered by “foreign exchange effects, and the difficult comparison with Covid-19 pandemic-driven results in the second quarter of 2020, partially offset by price increases in selected markets.” Cuervo’s North America volume was down 5.1% to 4.4 million cases in the second quarter, affected by tough comps and supply constraints. Globally, the company’s pro forma EBITDA decreased 14.9% to $101 million.—Daniel MarstellerSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.