Portugal-based retailer Jeronimo Martins has announced the resignation of its chairman, Elísio Alexandre Soares dos Santos, after 45 years at the helm.

Dos Santos’ resignation will be effective from 1 November, the company said today (25 September). No reason was given for his departure or who will succeed him.

“Jerónimo Martins expresses to Mr. Soares dos Santos its deepest gratitude for the strategic vision and boldness with which he has built the company, in the last 45 years, to what we are today,” the company said.

“His leadership and inspiration and the way he has imprinted in the organization the values – so dear to him – of work, discipline and respect for humanity will remain as an example to the management teams who are, now and always, committed to continue them.”