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In just a week, the airline will hold a meeting of shareholders at which deep repair of tables is expected.
Eight days after the Latam Airlines shareholders meeting, which will completely renew the board of directors, a company affiliated with the Cueto family announced yesterday that instead of Carlos Heller – who resigned last Friday at the company table – Enrique Ostale took over who currently He currently holds the position of Regional Executive Vice President for Latin America, the UK and Africa at Walmart, an American supermarket.
“The company’s board of directors decided to appoint Mr. Enrique Ostale Cambiaso as a director to the vacant post left by Mr. Carlos Heller Solari as a result of his resignation on April 16,” the company said in a statement that was an important event for the Financial Market Commission (CMF )
On the eve of the shareholders meeting on April 30, Ostale’s entry takes place at a critical time for Latam, which suffered one of the worst crises for the commercial aviation industry due to a pandemic. coronavirus.
In addition, the board will make major changes to the airline, as it will mark Delta joining the board of directors after buying a 20% stake in Latam in January, which received the right to have two representatives. Delta’s entry changed the level of participation of former partners, which would entail leaving Carlos Heller at the table, because he would not have enough votes to re-elect him, sources in the sector say.
Currently, the owners cake is distributed as follows: Grupo Cueto 21.46%, Delta Air Lines 20%, Qatar Airways 10%, Grupo Eblen 4.56%, Grupo Bethia 4.23%, Grupo Amaro 1 98%, and the rest will be in the hands of minority shareholders who concentrate 37.76% (AFP, ADR and foreign investors, among others).
In this regard, industry sources believe it is highly likely that Ostale will occupy a position on the company’s board of directors.
Retail Upward Career
Born in Viña del Mar, Ostal adds to his high position at Walmart extensive experience in the world of business and supermarkets. A commercial engineer from the University of Adolfo Ibanez (UAI), after graduation, he went to the UK to earn a master’s degree from the London School of Economics and Political Science.
His experience in this area began when he joined the Ibáñez Family Supermarket, Distribution and Service (D & S) supermarket in 1989, when he began a career that allowed him to gradually rise to positions in the corporation.
In the nineties, he served as CEO of Megamercados Lider, where he had to lead a large-scale expansion of the company in the development of a hypermarket format. In parallel, his leadership drew attention to the opening in the local stock market, as well as in the New York market.
Leaving the company in December 1999, he remained connected to the retail world and advised Falabella on setting up Tottus supermarkets in Peru, and was also the director of its CMR subsidiary.
In 2006, he returned to Walmart as CEO, and he held that position when the American Walmart announced an agreement with the Ibanez family to take control of the company at the end of 2008.
In early 2013, Ostale was appointed Walmart’s CEO in Latin America and took over as president and CEO of Walmart de México y Centroamérica (Walmex) to take his current position in April 2017.
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