Arcos Dorados adds independent board director

Arcos Dorados adds independent board director
Tags: Franchising & Growth, International, Operations Management
June 5, 2011

Arcos Dorados Holdings Inc., the world's largest McDonald's franchisee, has appointed Jose Alberto Velez, chief executive officer of Cementos Argos S.A., as an independent director of its board.

The addition comes shortly after Arcos Dorados went public, and is part of the process of filing an IPO.

Velez is the second independent member of the company's board, following the appointment of Michael Chu in April.

Cementos Argos S.A. is the leading cement, ready mix and aggregates company in Colombia and the fourth-ranked cement company in Latin America. He has held this position since joining the company in 2003.

Arcos Dorados' board is now comprised of seven members in total.