BUENOS AIRES, Argentina,
June 6, 2011 /PRNewswire/ -- Arcos
Dorados Holdings Inc. (NYSE: ARCO) ("Arcos Dorados" or the
"Company"), Latin America's
largest restaurant chain and the world's largest McDonald's
franchisee, today announced the appointment of Mr. Jose Alberto Velez, Chief Executive Officer of
Cementos Argos, S.A., as an Independent Director of its Board, and
in compliance with the independence requirements of Rule 10A-3 of
the Securities Exchange Act of 1934 and the rules of the New York
Stock Exchange applicable to foreign private issuers.
Commenting on the appointment, Woods Staton, Chairman and CEO of
Arcos Dorados, said, "We are pleased to welcome Jose Alberto as the second independent member of
our Board, since the appointment of Michael
Chu in April 2011. Following
the Company's recent IPO, we are committed to expanding our Board
of Directors and Jose Alberto brings
with him strong corporate leadership experience as well as
invaluable knowledge of the region. We are honored that he has
agreed to join our team, and look forward to the insights he will
be able to offer regarding the Company's strategic development and
future growth opportunities."
Mr. Velez is the CEO of Cementos Argos, S.A., the leading
cement, ready mix and aggregates company in Colombia and the fourth-ranked cement company
in Latin America. He has held this
position since joining the company in 2003.
He is currently also a member of the Board of Directors of Grupo
Suramericana de Inversiones S.A.; BANCOLOMBIA, the largest
bank in Colombia; Grupo Nutresa,
the largest food processor company in Colombia; and Compania Colombiana de
Inversiones, the fourth-ranked energy producer in Colombia. He also participates in several
non-profit organizations and is a member of the Universidad EAFIT
Board of Directors and Chairman of CECODES, the Colombian chapter
of the World Business Council for Sustainable Development (WBCSD).
In addition, he sits on the Advisory Board of the Council of the
Americas based in New York.
Arcos Dorados' Board is now comprised of seven members in total.
A full list of the Company's Directors can be found on the Arcos
Dorados' corporate website under the 'investors' tab.
Additionally, Mr. Velez has been appointed to the Audit
Committee.
Notes to Editors:
Mr. Velez previously served as the CEO of Suramericana de
Seguros, the leading insurance company in Colombia and also as the CEO of Inversura, a
holding company which integrates the leading insurance and social
security companies in Colombia.
Additionally, he has served as a professor at the Universidad
Nacional de Colombia.
Mr. Velez holds a Master of Science in Engineering from
University of California, UCLA, and a degree in business engineering from
Universidad Nacional de Colombia.
He has also taken specialized courses at Harvard University, Northwestern University, Columbia University, Massachusetts Institute of Technology (MIT) and Sorbonne University. He was awarded the
Honoris Causa degree in Engineering from ENIM, in Metz,
France.
About Arcos Dorados
Arcos Dorados is the world's largest McDonald's franchisee, in
terms of systemwide sales and number of restaurants. The Company is
the largest quick service restaurant chain in Latin America and the Caribbean, with restaurants in 19 countries
and territories. To learn more, please visit
www.arcosdorados.net.
SOURCE Arcos Dorados Holdings Inc.