El Palacio de Hierro in Polanco, Mexico City. Shutterstock
Alejandro Baillères Gual is replacing his father, Alberto Baillères Gonzalez, as president of the five main firms that comprise the family’s Grupo Bal conglomerate, according to a Mexican Stock Exchange (BMV) filing.
Baillères González resigned as president of the mining and industrial companies Peñoles, Fresnillo, PLC, PetroBal, the insurance company GNP, pension fund manager Profuturo, and the luxury department store chain Palacio de Hierro, but will continue to serve as honorary lifetime president of the group’s board of directors.
El Palacio de Hierro’s latest quarterly results revealed a consolidated income of 6.18 billion Mexican pesos ($306.2 million), representing a 9.6 percent decrease compared to the same period last year.