Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA) and Coca-Cola FEMSA, S.A.B. de C.V. (Coca-Cola FEMSA) announced that in accordance with their careful and deliberate senior leadership succession planning processes, and consistent with previously established timeframes, Alfonso Garza Garza will retire from his position as Chief Executive Officer of FEMSA Strategic Businesses on January 1, 2023. Constantino Spas Montesinos, currently Chief Financial Officer of Coca-Cola FEMSA, has been appointed, with the full support of FEMSA's Board of Directors, to become Chief Executive Officer of FEMSA Strategic Businesses as of the same date. Constantino's role at Coca-Cola FEMSA has been fundamental in advancing its transformation and strategic direction.

His appointment to head FEMSA Strategic Businesses reflects FEMSA's vision and belief in the increased opportunities enabled by cross-fertilization of talent among its business units. Alfonso has enjoyed a highly successful career of 37 years at several of FEMSA's business units, serving as Chief Executive Officer of Strategic Businesses unit since 2012. At this role, Alfonso has been instrumental in the growth of refrigeration, logistics and distribution operations, including the promising growth opportunity currently being pursued through the Envoy Solutions platform.

Alfonso has also played an active leadership role in FEMSA's pursuit of social value through his role at the FEMSA Foundation and the Board of Directors of Monterrey Tec. For his part, Constantino joined Coca-Cola FEMSA in 2018, bringing with him extensive international and industry experience. At Coca-Cola FEMSA, he has held senior positions in Strategic Planning, New Business Development and most recently as CFO, demonstrating a high level of leadership, performance, and adaptability at every turn.