Portugal-based retailer Jeronimo Martins has announced the resignation of its chairman, Elísio Alexandre Soares dos Santos, after 45 in charge.
Soares dos Santos' resignation will be effective from 1 November, the company said today.
Portuguese media outlets are reporting that the leadership of the company will be passed on to Elísio Alexandre's son, Pedro Soares dos Santos, who has had an executive roll at Jeronimo Martins since 2009.
"Jerónimo Martins expresses to Mr. Soares dos Santos its deepest gratitude for the strategic vision and boldness with which he has built the company, in the last 45 years, to what we are today," the company said.
"His leadership and inspiration and the way he has imprinted in the organization the values - so dear to him - of work, discipline and respect for humanity will remain as an example to the management teams who are, now and always, committed to continue them."
Jerónimo Martins' main source of income comes from its Polish operations and it recently opened several stores in Colombia, after the failure of some investments in Brazil.
