From his seat as chief operating officer, he led the changes in the areas of supply chain and organization and talent development.
Prior to Genomma Lab, Sparvieri worked for nearly 20 years at Procter & Gamble, where he served as vice president of sales. He is an industrial engineer from the University of Buenos Aires, Argentina, and has participated in various executive programs.
The company explained that Brake will be named active vice president of the Board of Directors, once this movement is approved at the next Genomma Annual Shareholders’ Meeting, to be held in April 2023. From this position, he will continue to be involved in strategic decisions in areas public relations, investor relations, analysis of expansion opportunities and new businesses
Jorge Brake became the General Director of Genomma Lab in 2018. He was in charge of developing the sustainability vision for 2025 and the associated commitments to achieve those goals.
“It has been an extraordinary experience to have the privilege of leading Genomma’s transformation process during these four years. (…) Having built solid foundations and a clear trajectory of where we want to go, I believe that it is the right time to start the succession plan,” said Jorge Brake, quoted in the statement.
During the third quarter, innovations related to new launches, expansion of categories to new markets, as well as an increase in points of sale reached and a greater presence in different sales channels were the main elements that boosted the revenues of the pharmaceutical company.
Net sales for the quarter amounted to 4,349.2 million pesos (mdp), which represents an increase of 9.2% compared to the same period of 2021, while the operating flow (EBITDA, for its acronym in English) registered an increase of 11.4% for the same period.
On the other hand, net profit closed at 399.3 million pesos; an increase of 6.1 million, year over year. The growth of this item was affected by a higher income tax expense, derived from the tax effects on the repatriation of dividends from the operations of international subsidiaries. Likewise, the net income in the quarter was affected by the increase in the total cost of financing, with an increase in the loss associated with the monetary position in Argentina.