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The businessman said he was “tremendously excited about the future of the company, which I will continue to support, but from a different position.”
The businessman Álvaro Saieh (70) worked twelve years with his children to step aside and definitively retire from business.
The creator of one of the most dynamic groups in Chile, with a presence in the financial business (Itaú Corpbanca in Chile and Colombia), real estate (VivoCorp), supermarket (SMU) and the media (Copesa) presented his resignation to the board of directors from the SMU holding company. In this way, he left the last directory he had left, and assumed in his replacement, his daughter Francisca Saieh Guzmán.
In an interview with El Mercurio, Álvaro Saieh explained his reasons for leaving the directory, where He said he was “calm with the decision and tremendously excited about the future of the company, which I will continue to support, but from a different position.”
Saieh will continue as an advisor to the SMU Investments and Strategies committee “and for any advice my children ask me. But this curtain drop is final,” he says.
It was more than five decades of hard work, and among the reasons that the businessman argues for his retirement are “the desire to have more freedom and not be committed to fixed dates, as are the boards of directors.”
Of course, he says he has “confidence in the great capacity and training of my children; the solidity achieved by companies and the professional autonomy of their management teams,” he emphasizes.
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