The Portuguese retail chain Jerónimo Martins announced that, from 1 November 2013, Alexandre Soares dos Santos will no longer be the president of the company, as the 79 year old believes some "young blood" should take over the family business.
As a result, Portugal's second largest fortune will abandon the company, as he considered it a firm that needs a president that can be on top of the whole process. "I can no longer travel to Colombia because the doctors do not allow me to, and if I am going to invest there, I should go and get to know the people, the banks, the politicians," stated the entrepreneur.
"On behalf of the over 60,000 partners of the Group in Portugal, Poland and Colombia, we wish to convey Mr Soares dos Santos our most profound gratitude for the strategic vision and courage with which he built, over the past 15 years, what Jerónimo Martins is today," declared the company in the press statement.
Source: ilacadworldretail.com