Vitro Appoints Finance Head

Mexico’s Vitro has named a new CFO and other members to its management team, it says, in the wake of naming Hugo Lara as CEO last week. Claudio Del Valle has been appointed director of the now-merged areas of finance and administration. Del Valle’s appointment follows the recent resignation of Enrique Osorio as CFO. Roberto Rubio, formerly president of diverse industries and technology, assumes Lara’s old post of president of flat glassware. The struggling glassmaker recently secured $100m through a structured transaction from Bancomext, allowing it to continue operating normally. It is in negotiations with derivative counterparties, and has contracted the Blackstone Group to advise it. Vitro’s liquidity was pinched by a $230m loss in derivative contracts. Federico Sada resigned as CEO in early November after 34 years at the glassmaker, and will stay on as a board member.