Gruma Names Raul Pelaez as Chief Executive Officer

Gruma SAB, the largest maker of tortilla corn flour in Mexico, said Raul Pelaez Cano took over today as chief executive officer, replacing Roberto Gonzalez.

Pelaez, who holds a business degree from the Autonomous Technological Institute of Mexico, had served as Gruma’s chief financial officer and strategic planning officer since 2004, according to a statement today from the company. Gonzalez will remain at the company as chairman, Gruma said.

Gruma announced on Nov. 22 the resignation of U.S. chief executive Juan Fernando Roche. Deutsche Bank AG said the move raised “additional concerns” about the company’s future leadership, according to a Nov. 30 report to clients.

Today’s appointment “confirms the company’s institutional strengthening and allows it to consolidate its corporate governance,” Gruma said in the statement.

Palaez Cano has also worked at Citigroup Inc.’s Banamex unit and General Electric’s Mexico operations.

Gruma rose 19 centavos to 23.86 pesos in Mexico City trading today.

To contact the reporter on this story: Jens Erik Gould in Mexico City at jgould9@bloomberg.net

To contact the editor responsible for this story: Dale Crofts in Buenos Aires at dcrofts@bloomberg.net

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