Millicom (Tigo) Executive Chair Mauricio Ramos steps down as Chair of the Board Maxime Lombardini to assume as Non-Executive Interim Chair
Rhea-AI Summary
Millicom (TIGO) announced that Mauricio Ramos is stepping down as Chair of the Board on September 30, 2024. The Board has appointed Maxime Lombardini as Interim Chair. Ramos joined Millicom in 2015 as CEO, became a Board member in 2020, and was appointed Executive Chair in September 2023.
Under Ramos' leadership, Millicom transformed into a leading telecom provider in Latin America, developing a strong corporate culture and executing a successful M&A strategy. Key achievements include exiting 6 African countries, acquiring Cable Onda in Panama, and consolidating ownership of its Guatemalan subsidiary.
Lombardini, who has been COO and President since September 2023, will step down from these roles to assume the position of Interim Non-Executive Chair. A Nominations Committee will propose a new Chair for election at the next annual general meeting.
Positive
- Successful M&A strategy under Ramos' leadership, including acquisitions in Panama and Nicaragua
- Consolidation of 100% equity ownership in Guatemalan subsidiary, the largest cash flow producer
- Expansion of trading on NASDAQ, with 30% of traded volume now occurring in the US
- Potential M&A transactions to strengthen position in Colombia announced in 2024
- Successful efficiency strategy implemented by Lombardini as COO, increasing cash flow generation
Negative
- Change in leadership with Ramos stepping down as Chair of the Board
- Temporary leadership structure with Lombardini as Interim Chair until next annual general meeting
News Market Reaction – TIGO
On the day this news was published, TIGO gained 1.64%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Millicom (Tigo) Executive Chair Mauricio Ramos steps down as Chair of the Board Maxime Lombardini to assume as Non-Executive Interim Chair
Luxembourg, September 19, 2024 – Millicom (NASDAQ: TIGO) (the “Company”) announced today that Mauricio Ramos is stepping down from his roles of director and Chair of Millicom Board of Directors (the “Board”) on September 30, 2024. The Board, which will be composed of eight directors for the time being, has unanimously appointed Maxime Lombardini to act as Interim Chair of the Board. A Nominations Committee will be convened and work to submit a proposal for election of a Chair of the Board to the next annual general meeting of Millicom shareholders.
Mr. Ramos joined Millicom in 2015 as CEO, became a member of the Board in 2020 and was appointed Executive Chair of the Board in September 2023 and Non-Executive Chair in May 2024.
“The Board of Directors of Millicom thanks Mauricio for his successful stewardship of the Company’s strategic direction over the last 9 years. Mauricio has transformed Millicom into one of the leading providers of telecommunication services in Latin America. Under Mauricio’s leadership, Millicom developed a highly engaging company purpose (“to build digital highways”); a unique and leading corporate culture (“Sangre Tigo”); and a winning M&A strategy to expand and strengthen Millicom’s presence across Latin America”.
Mr. Ramos led the Company’s successful strategy to exit 6 countries in Africa between 2015 and 2022 to focus the Company on Latin America. In 2018 he led the acquisition of Cable Onda, the Group’s first asset in Panama. This was followed in 2019 by the acquisition of Telefonica’s mobile subsidiaries in Panama and Nicaragua. Today, Panama is the second largest cash flow generator for Millicom. In 2022, Mr. Ramos led the consolidation of the Company’s
Atlas Investissement owner, Xavier Niel congratulated Mr. Ramos for “his clear strategic vision and decisive execution to create a now leading telecom platform across the region. We credit Mauricio for taking Millicom to this strong, strategically focused and leading regional position through successful M&A. The Company now has meaningful strategic and financial upside going forward”.
Mr. Ramos commented: “I wish to thank the Board of Millicom, all its past and present directors, and also Atlas Investissement for their continuous guidance, probing challenge and dedicated support to me and the Company over these very fruitful years. I wish to thank also every single member of the outstanding Millicom team for their devout effort and immense commitment to make Tigo all it can be for our shareholders and do all it can do for our communities and their connectivity. One more time: Sangre Tigo!”
Mr. Lombardini will immediately assume the position of Interim Non-Executive Chair of the Board and will simultaneously step down as COO and President of the Company. Mr. Lombardini has been the COO and President of Millicom since September 2023 and has very successfully executed on a comprehensive and fruitful efficiency strategy to increase the Company’s cash flow generation. The Board welcomed Maxime as Interim Non-Executive Chair indicating that Maxime’s “deep knowledge of the Company now and his strong track-record ideally position him to lead the Board’s work now”.
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For further information, please contact:
| Press: | Investors: |
| Sofia Corral, Director Corporate Communications press@millicom.com | Michel Morin, VP Investor Relations investors@millicom.com |
About Millicom
Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Through our TIGO® and Tigo Business® brands, we provide a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of June 30, 2024, Millicom, including its Honduras Joint Venture, employed approximately 15,000 people, and provided mobile and fiber-cable services through its digital highways to more than 45 million customers, with a fiber-cable footprint over 14 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg.
Regulatory Statement
This information was prior to this release inside information and is information that Millicom is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact person set out above, at 22:15 CET on September 19, 2024.
FAQ
When is Mauricio Ramos stepping down as Chair of Millicom (TIGO) Board?
Who will be the Interim Chair of Millicom (TIGO) after Mauricio Ramos?
What were some key achievements of Mauricio Ramos during his tenure at Millicom (TIGO)?
How has Millicom's (TIGO) presence on NASDAQ changed under Mauricio Ramos' leadership?
