Planned CFO Succession
Summary by AI BETAClose X
Fresnillo plc
21 Upper Brook Street
London W1K 7PY
United Kingdom
14 September 2026
Fresnillo plc - Planned CFO Succession
Retirement of Mario Arreguín and Appointment of Rodrigo Sandoval as Successor
Fresnillo plc ("Fresnillo" or the "Company") (LSE: FRES), the world's leading primary silver producer and Mexico's largest gold producer, announces that Mario Arreguín has informed the Board of his intention to retire following a distinguished 37-year career within the Group.
Mr. Arreguín joined Fresnillo in 2008, serving as Chief Financial Officer leading up to the Company's initial public offering on the London Stock Exchange that same year. Before joining Fresnillo, he worked for parent company Industrias Peñoles, S.A.B. de C.V. ("Peñoles"), where he served as Chief Financial Officer.
Following a structured and rigorous evaluation process conducted by the Nominations Committee, the Company is very pleased to announce the appointment of Rodrigo Sandoval (50) as Chief Financial Officer Designate, with effect from 21 September 2026. Mr. Sandoval will succeed Mr. Arreguín as Chief Financial Officer and be appointed to the Executive Committee on 1 November 2026 following a handover period.
Mr. Sandoval brings extensive financial, operational, capital markets industry experience to Fresnillo. From 2018 to August 2026 he served as Chief Financial Officer of Grupo Gigante, S.A.B. de C.V., one of Mexico's leading listed conglomerates (BMV: GIGANTE), with oversight across corporate finance, capital markets, treasury, financial planning, tax, risk management, M&A, and investor relations.
Mr. Sandoval served as an Independent Director, Chair of the Audit Committee, and member of the Corporate Governance and Nominating Committee of Toronto-listed Torex Gold Resources Inc. (TSX: TXG) from 2022 until recently, when, in light of his appointment, he stepped down from the Board with immediate effect.
He previously served as Chief Financial Officer of the Mining Division at Grupo México, S.A.B. de C.V., gaining deep operational and strategic expertise within the Latin American mining sector. Mr. Sandoval holds an MBA from the Yale School of Management, a Post-Graduate Certificate in Corporate Finance from ITAM, Mexico, and a Bachelor of Economics from ITAM, Mexico.
Managed Transition & Handover Timeline
To ensure a seamless transition, the Board has executed its pre-established succession plan. Under this framework, Mr. Sandoval will join the Company as CFO Designate on 21 September 2026, undertaking a structured onboarding programme to build a detailed understanding of the Company's operations, organisation, and key stakeholders while working alongside Mr. Arreguín.
On 1 November 2026, Mr. Sandoval will formally assume the role of Chief Financial Officer, at which point Mr. Arreguín will step down from his executive role and the Executive Committee.
To maintain continuity through the year-end financial cycle, Mr. Arreguín will remain with the Group as a Senior Advisor from 1 November 2026 until the end of January 2027.
Alejandro Baillères, Chairman of Fresnillo plc, commented:
"On behalf of the Board and everyone at Fresnillo, I would like to express our sincere gratitude to Mario for his 37 years of service to the Group. As CFO of Peñoles, and subsequently CFO of Fresnillo since our 2008 IPO, he has played an important role in the development and growth of Fresnillo as a leading FTSE 100 precious metals company. His contribution has helped establish a strong financial foundation for the Company.
"Today's announcement reflects the Board's commitment to thoughtful, long-term succession planning. Having worked closely with Mario over many years, we have prepared for this transition to support continuity in our financial leadership and maintain the Company's focus on financial discipline and long-term value creation.
"We are pleased to welcome Rodrigo Sandoval to Fresnillo as CFO Designate. Following a thorough selection process, Rodrigo emerged as a strong candidate for the role. His experience in the mining sector and corporate finance, together with his leadership background, provide a solid foundation for him to take on this important responsibility."
Octavio Alvídrez, Chief Executive Officer of Fresnillo plc, added:
"Mario's contribution to Fresnillo over nearly two decades has been remarkable. His knowledge, experience, and commitment have been valuable to the Board and to me personally. I look forward to working with Mario and Rodrigo over the coming months to ensure a smooth and orderly leadership transition, with continuity in our operations and financial strategy."
Mario Arreguín commented:
"After 18 years as CFO of Fresnillo and 37 years with the Group, now is the right moment to step down. The business is in excellent financial health, an outstanding successor is in place, and I look forward to working closely with Rodrigo during the handover while supporting the Company through the completion of our 2026 annual results. I would like to thank the Board, my team, my colleagues, and everyone at Fresnillo and Peñoles for their support over the years."
Ends
For further information, please visit our website www.fresnilloplc.com or contact:
|
FRESNILLO PLC London Office Juan Pablo Rojas Castro, Head of Investor Relations Mark Mochalski |
Tel: +44 (0)20 7399 2470 |
|
Mexico City Office Ana Belem Zárate |
Tel: +52 55 52 79 3206 |
|
SODALI Peter Ogden
|
Tel: +44 (0)7793 858 211 |
ABOUT FRESNILLO PLC
Fresnillo plc is the world's largest primary silver producer and Mexico's largest gold producer, listed on the London and Mexican Stock Exchanges under the symbol FRES.
Fresnillo plc has eight operating mines, all of them in Mexico - Fresnillo, Saucito, Juanicipio, Ciénega, Herradura, Soledad-Dipolos1, Noche Buena and San Julián Veins and five advanced exploration projects - Orisyvo, Rodeo, Guanajuato, Tajitos and Novador as well as a number of other long term exploration prospects.
Fresnillo plc has mining concessions and exploration projects in Mexico, Peru, Chile and Canada.
Fresnillo plc's goal is to maintain the Group's position as the world's largest primary silver company and Mexico's largest gold producer.
1 Operations at Soledad-Dipolos are currently suspended.
FORWARD-LOOKING STATEMENTS
Information contained in this announcement may include 'forward-looking statements'. All statements other than statements of historical facts included herein, including, without limitation, those regarding the Fresnillo Group's intentions, beliefs or current expectations concerning, amongst other things, the Fresnillo Group's results of operations, financial position, liquidity, prospects, growth, strategies and the silver and gold industries are forward-looking statements. Such forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements are not guarantees of future performance and the actual results of the Fresnillo Group's operations, financial position and liquidity, and the development of the markets and the industry in which the Fresnillo Group operates, may differ materially from those described in, or suggested by, the forward-looking statements contained in this document. In addition, even if the results of operations, financial position and liquidity, and the development of the markets and the industry in which the Fresnillo Group operates are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, commodity prices, changes in regulation, currency fluctuations (including the US dollar and Mexican Peso exchanges rates), the Fresnillo Group's ability to recover its reserves or develop new reserves, including its ability to convert its resources into reserves and its mineral potential into resources or reserves, changes in its business strategy and political and economic uncertainty.
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