Grupo LALA, S.A.B. de C.V., a Mexican dairy company, has announced that Grupo LALA and Mauricio Leyva have reached a mutual agreement for Leyva to step down as chief executive officer effective December 31, 2019.
LALA said its board of directors maintains its firm support and endorsement of the company’s strategy currently in place and of the continued execution of previously announced related initiatives.
However, the company said LALA’s results for the fiscal year have fallen short of stated goals and objectives aligned with strengthening the company’s profitability.
While the company looks to appoint a new CEO, in the interim, former CEO and current member of LALA’s board of directors, Arquímedes Celis Ordaz, will assume the role of CEO supported by members of the operations team.
Celis, who retired as LALA CEO in 2015, first joined the company in 2001. During his tenure, Grupo LALA grew sales organically by 11.6% and EBITDA by 11.2% annually, and LALA successfully executed its Initial Public Offering in 2013.