Andrónico Luksic, belonging to the richest family in Chile, announced his retirement

Andronicus Luksic Craigpresident of the Chilean holding company Quiñenco SA and member of the richest family in South Americaretires from the business world.

Luksic announced his plans on Thursday resign from all executive and management positions at the end of 2023according to a statement sent to the Chilean Securities Regulator.

The businessman, who will turn 70 in April, will withdraw from the boards linked to a series of companies controlled by Quiñenco: the lender Banco de Chile, the holding company Invexans SA, the shipping company Compañía Sud Americana de Vapores SA, the brewery Compañía Cervecerías Unidas SA and the holding company LQ Inversiones Financieras SA.

“After a deep process of reflection,” “I have come to the conviction that it is time to move away from day-to-day life, to give way to other leaderships,” Luksic said in a statement sent by email.

Facebook / andronicoluksic

Who will be Luksic’s successor?

The Luksic family is the wealthiest in South America, with a combined fortune of about US$25 billionaccording to the Bloomberg Billionaires Index.

Quiñenco was founded in 1957 by patriarch Andrónico Luksic Abaroa as a manufacturer of wooden props for underground tunnels. Through CSAV, it owns a 30% stake in the German shipping company Hapag Lloyd AG. It also controls Banco de Chile through a joint venture with Citigroup Inc. and has a partnership with Heineken NV for CCU. It owns a stake in the French energy company Nexans SA and operates service stations in Chile, the US and Paraguay.

The Luksic family’s greatest asset is a US$12 billion stake in copper miner Antofagasta Plcof which Jean Paul Luksic Fontbona is president.

Pablo Granifo was elected by the board of directors of Quiñenco to replace Luksic as president. Granifo is currently president of the Bank of Chile.

Translated by Paola Torre.


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