Mexico-based bakery giant Grupo Bimbo has appointed Diego Gaxiola as the company’s new CFO after Guillermo Quiroz decided to retire.

Gaxiola will join Bimbo in June, moving from Mexican foodservice business Alsea.

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Quiroz, who formally steps down on 1 August, has worked for Bimbo for 18 years. 

“Guillermo’s dedication, professionalism and commitment have been vital to Grupo Bimbo’s growth and consolidation strategy within the industry,” Bimbo chairman and CEO Daniel Servitje said.

In February, Bimbo booked higher annual profits in 2016, helped by an improvement in sales and lower raw material costs. However, Bimbo reported pressure on underlying sales in North America, where its business benefited from the fall in the value of the Mexican peso.

The company has announced two acquisitions so far in 2017, snapping up Colombian frozen bakery products supplier Panattiere and Canada-based Stonemill Bakehouse.

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Last week,Bimbo locked out a number of workers at two sites in Canada following the breakdown of two sets of talks with unions over terms and conditions.

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