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Message from the Chairman of the Board

 


Juan Pablo del Valle
Chairman of the Board

In a well-managed and well-governed company like Mexichem, two of the Chairman’s most important responsibilities are managing talent and setting the company’s broad strategic direction. I am pleased to report that I believe our executive team is best-in-class and that we are executing a strategy that I am confident will create value over the long term.

In terms of leadership, we have completed an important transition. After years of exemplary, intelligent and successful leadership, Antonio Carrillo has left the company and has been succeeded as CEO by Daniel Martínez-Valle.

Antonio’s scorecard is impressive. He led us through the extreme swings of the oil price cycle, managed our capital allocation process with discipline, oversaw the acquisition and integration of several companies in the execution of our value chain strategy, strengthened different organizational processes and addressed the PMV accident with an admirable combination of human sympathy and professional excellence.

I am sure all shareholders join me and Mexichem’s Board in thanking Antonio for all of his accomplishments.

Daniel Martínez-Valle was appointed CEO in February of this year. He brings a robust portfolio of leadership experience in our industry and others including, most recently, serving as CEO of Kaluz. The Board and I are GRI 102-14 5 confident that Daniel will not only sustain our strategic evolution, but accelerate our development as a purpose-driven organization, fit for the future.

In terms of strategy, last year’s inauguration of our cracker with Oxychem, and more recently, the acquisition of Netafim, were major milestones. The cracker makes us one of the world’s most competitive vinyl producers, while Netafim is emblematic of our effort to position Mexichem as a purpose-driven company providing value-added solutions. With Netafim, we are addressing the growing global problems of water scarcity and inadequate food supply.

The vertical integration strategy implemented over the past decade has successfully developed two important and distinct businesses with significant critical mass and profitability. The chemical business combines Vinyl and Fluor while the downstream solutions business is centered on Fluent. We are convinced that both have great potential to maximize value.

In the short term, our top priorities are to integrate Netafim, deleverage our balance sheet, continue to grow organically and deepen our capacity to cope with rapid change. The uncertainties of our time demand more empowerment, adaptation capacity, innovation, and new ways to approach our clients, processes and competition. We need to look ahead, to be open, and to be willing and able to act quickly. Our new CEO embodies all these characteristics, which is part of the reason that I believe he is the right leader for Mexichem today.

Finally, I want to thank our shareholders, as well as the rest of our stakeholders, for your faith, trust and commitment to Mexichem. With your support, we are building a great future.

That future is as bright as it is because of the more than 17,000 employees around the world who make great things happen every day. They are Mexichem.

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