CFO Channel
The CFO who empowered Gruma
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10th September 2015

For the past two-and-a-half years Raúl Cavazos has led the financial strategy that has made his Mexican company one of the brightest stars in the market.
By Nancy Ibarra
Sixty-six years after its founding, Gruma finds itself at its best moment ever, thanks to a financial strategy that enabled it to boost the value of its shares by 550 percent in just two and a half years.
Behind this program, which was implemented in December 2012, is Raúl Cavazos Morales, Corporate Director of Finance and Strategic Planning at this manufacturer of corn flour and tortillas, and to whom Latin Trade Group recently awarded the prize for 2015 CFO of the Year.
“Reflected here is all the effort that’s being made, and obviously I want to repeat that it’s a prize I am accepting on behalf of many people, all of my team in particular, but very sincerely, of the entire company, because we are all together in the achievements of the company,” he said as he received the prize.
Cavazos Morales is being modest when he speaks of the company’s achievements, but the numbers tell us more than a thousand words: the multinational’s debt-EBITDA ratio fell from 4.8 to 1.45 in just a year and a half.
One thing leads to another, and by reducing its debt and improving its economic performance, the Mexico-based company succeeded in upgrading its credit rating to BBB- with a stable outlook. “(The company) has moved from being a firm with a speculative rating to one of investment grade,” said the CFO.
How does a …

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