Álvaro Portela to retire as CEO of Sonae Sierra (PT)

Álvaro Portela has confirmed his intention to retire as CEO of Sonae Sierra at the end of March 2010. Álvaro has put a tremendous amount of time into developing the management team over the years and planning the different phases of this succession plan.

Álvaro Portela has worked at Sonae Sierra for 20 years, leading the team from before the opening of its first significant shopping center to the establishment of the internationally recognized company it is today. His key legacy is the extraordinary team he has put together and retained throughout his tenure.

The board has approved a number of important decisions and proposals to the Annual General Meeting, to be implemented on the April 1, 2009, which will start the next phase of the succession plan:

  • Fernando Oliveira will move from Sierra Developments to Deputy CEO;
  • Ana Maria Oliveira will move from Sierra Investments to Managing Director of Sierra Developments;
  • Pedro Caupers will move from Property Management & Leasing to Managing Director of Sierra Investments;
  • João Correia de Sampaio to be elected to the Board and moved from Property Management and Leasing in Iberia to the same responsibility for Europe, including "Key Accounts".

Together with the other Executive Directors, João Pessoa Jorge, Edmundo Figueiredo and António Casanova, this team has on average been at Sierra for more than 18 years and have an unmatched mix of sector knowledge, experience and drive.

Álvaro Portela is committed to supporting the team beyond March 2010 and has agreed to continue to contribute to the future development of Sonae Sierra in an advisory capacity.

Source: Sonae Sierra

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