Grupo Argos defines its new corporate structure
- José Vélez continues leading Grupo Argos as its CEO and chairman of the Boards of its subsidiaries Cementos Argos and Celsia
- Jorge Velásquez, a civil engineer with a long track-record in the cement business Argos, is the new CEO of Cementos Argos.
- Juan Uribe, current VP of Colombia Division, will be the CEO of Grupo Argos' real estate business.
In accordance with its new business development strategy, Grupo Argos (formerly Inversiones Argos), has defined its new corporate structure seeking to enhance the efficiency of its operations and to be prepared for its new role as infrastructure holding.
This decision follows the approval given by the Colombian Financial Superintendence on April 27th to the spin-off of certain non-cement assets from Cementos Argos' balance sheet and its contribution into Grupo Argos.
During the last three years, Grupo Argos, previously a cement-focused conglomerate, started a diversification process through investments in the energy sector, becoming the controlling shareholder of Celsia (formerly Colinversiones). Now, in order to consolidate as an infrastructure holding, Grupo Argos will start developing, as independent businesses, the real estate, coal and port assets that were spun-off from Cementos Argos.
As stated by José Vélez, CEO of Grupo Argos, "We have carried out this transaction to strengthen and develop these new assets and, at the same time, to focus Cementos Argos in the cement and ready-mix concrete businesses and Celsia in the energy business."
The new structure of Grupo Argos is as follows: José Vélez, CEO of Grupo Argos, continues leading the infrastructure parent and, at the same time, as chairman of the Boards of the subsidiary companies.
Jorge Velásquez, a civil engineer graduated from the Escuela de Ingeniería de Antioquia, with over 30 years of experience in the cement industry and who held the position of VP of Caribbean Division of Cementos Argos, has been appointed as the new CEO of this Company.
Juan Uribe, VP of Colombia Division of Cementos Argos, will be the CEO of the new real estate business of Grupo Argos.
Juan Londoño continues leading the energy business as CEO of Celsia.
Camilo Abello, current VP of Corporate Affairs of Cementos Argos, will hold the same position in the parent company, Grupo Argos.
Ricardo Sierra, current CFO of Cementos Argos, will be the CFO of Grupo Argos.
"With this new structure, Grupo Argos, keeps consolidating itself as a relevant infrastructure holding in Colombia and will continue to grow stronger thanks to the coordinated efforts that will be undertaken with the companies of the Group in the cement, energy, real estate, port and coal businesses, both in Colombia and in the countries where we are present," states José Vélez, CEO of Grupo Argos.