Industry News | June 6, 2011

Latin American McD's Franchisee Appoints Board Member

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Arcos Dorados Holdings Inc., Latin America's largest restaurant chain and the world's largest McDonald's franchisee, announced the appointment of Jose Alberto Velez, CEO of Cementos Argos, S.A., as an independent director of its board and member of the Audit Committee.

"We are pleased to welcome Jose Alberto as the second independent member of our board, since the appointment of Michael Chu in April 2011," says Woods Staton, chairman and CEO of Arcos Dorados. "Following the company's recent IPO, we are committed to expanding our board of directors and Jose Alberto brings with him strong corporate leadership experience as well as invaluable knowledge of the region.

"We are honored that he has agreed to join our team and look forward to the insights he will be able to offer regarding the company's strategic development and future growth opportunities."

Velez is the CEO of Cementos Argos, S.A., the leading cement, ready mix, and aggregates company in Colombia and the fourth-ranked cement company in Latin America. He has held this position since joining the company in 2003.

He is currently also a member of the board of directors of Grupo Suramericana de Inversiones S.A.; BANCOLOMBIA, the largest bank in Colombia; Grupo Nutresa, the largest food processor company in Colombia; and Compania Colombiana de Inversiones, the fourth-ranked energy producer in Colombia.

He also participates in several non-profit organizations and is a member of the Universidad EAFIT Board of Directors and chairman of CECODES, the Colombian chapter of the World Business Council for Sustainable Development (WBCSD). In addition, he sits on the advisory board of the Council of the Americas based in New York.

Arcos Dorados' board is now comprised of seven members in total. A full list of the company's directors can be found on the Arcos Dorados' corporate website under the 'investors' tab.