Grupo Aval Chairman Retires, Son Takes Helm

TL;DR

Sarmiento Angulo OUT, Sarmiento Gutiérrez IN as Grupo Aval Chairman. Succession plan activated.

AI Summary

Grupo Aval announced on March 20, 2024, that Luis Carlos Sarmiento Angulo is retiring from the Board of Directors and stepping down as Chairman. His son, Dr. Luis Carlos Sarmiento Gutiérrez, will assume the role of Chairman of the Board, following a succession plan.

Why It Matters

This marks a significant leadership transition for a major Colombian financial institution, potentially signaling a shift in strategic direction under new leadership.

Risk Assessment

Risk Level: low — The filing details a planned leadership succession, which is a common and generally well-managed corporate event.

Key Players & Entities

• Grupo Aval Acciones y Valores S.A. (company) — Filing company
• Luis Carlos Sarmiento Angulo (person) — Retiring Chairman of the Board
• Dr. Luis Carlos Sarmiento Gutiérrez (person) — Incoming Chairman of the Board

FAQ

Filing Documents

• dp208626_6k-1.htm (6-K) — 18KB
• image_002.jpg (GRAPHIC) — 3KB
• image_003.jpg (GRAPHIC) — 7KB
• 0000950103-24-004095.txt ( ) — 33KB

From the Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report Of Foreign Private Issuer Pursuant To Rule 13a-16 Or 15d-16 Of The Securities Exchange Act Of 1934 For the month of March 2024 __________________ Commission File Number: 001-36631 Grupo Aval Acciones y Valores S.A. (Exact name of registrant as specified in its charter) Carrera 13 No. 26A - 47 Bogotá D.C., Colombia (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F X Form 40-F GRUPO AVAL ACCIONES Y VALORES S.A. TABLE OF CONTENTS ITEM 1. Press Release dated March 20, 2024 Item 1 Mr. Luis Carlos Sarmiento Angulo, announced today his retirement from the Board of Directors of Grupo Aval, and as chairman of this board. Dr. Luis Carlos Sarmiento Gutiérrez will become Chairman of the Board. Bogotá, March 20, 2024. Today, Mr. Luis Carlos Sarmiento Angulo informed the General Shareholders' Meeting of Grupo Aval of his decision to activate the succession plan designed several years ago and his intention to retire from the Board of Directors of the company after having chaired it for many years. Consequently, at the General Shareholders' Meeting, a new list of candidates was presented, made up of nine members, among which Mr. Luis Carlos Sarmiento Gutiérrez was included, a list that was approved by the shareholders. In announcing his intention to retire, Mr. Sarmiento Angulo gave a summary of his professional career, as well as the evolution of the main investments controlled by Grupo Aval, such as the Bogotá, Occidente, Popular and AV Villas banks, Corporación Financiera Colombiana and AFP Porvenir, and other important investments of the Sarmiento Angulo Organization, including Seguros Alfa, El Tiempo and Construcciones Planificadas. He also highlighted the number of employees of the companies of the organization, which exceed 120 thousand, and the contributions that these companies make to Colombia's economy, including the taxes generated in benefit of the Nation and the regions. In his presentation, Mr. Sarmiento Angulo also highlighted the philanthropic work developed during his tenure as Chairman of the Board of Directors of Grupo Aval, among which currently stands out the Cancer Treatment and Research Center or Centro de Tratamiento e Investigación del Cáncer - CTIC - opened in 2022, as well as other contributions in the fields of education, health and emergency aid. As part of the aforementioned succession plan, the Board of Directors of the Company met today to learn of the resignation presented by Dr. Sarmiento Gutiérrez as President of the company, which was accepted. Subsequently, the new Board appointed Mr. Sarmiento Gutiérrez as Chairman of the Board, replacing Mr. Sarmiento Angulo. Additionally, Mr. Sarmiento Gutiérrez proposed the name of Ms. María Lorena Gutiérrez Botero as the new President of Grupo Aval, whom the Board proceeded to appoint. Ms. Gutiérrez will occupy the position as of April 1, 2024. The decisions announced today add on to important executive replacements that have been announced in execution of the conglomerate's succession plans and structural transformations in the composition of the organization's boards of directors, which are being carried out during this season of shareholders’ meetings. In this transformation process there will be an important level of renewal, with the expectation that there will be an adequate level of multidisciplinarity, with a predominance of independent directors and an increase in gender participation. The Shareholders' Meeting and the Board of Directors of Grupo Aval made a special recognition to Mr. Sarmiento Angulo for all the years in which he presided over this management body and decisively guided the course of the company and its investments, as well as to Mr. Sarmiento Gutiérrez who successfully led the organization since 2000, highlighting that the contribution of Both, Mr. Sarmiento Angulo and Mr. Sarmiento Gutiérrez, from their respective positions, has been a fundamental pillar for the profitable and sustainable growth of the conglomerate. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: March 21, 2024 GRUPO AVAL ACCIONES Y VALORES S.A. By: /s/ Jorge Adrián Rincón Plata Name: Jorge Adrián Rincón Plata Title: Chief Legal Counsel

View Full Filing

View this 6-K filing on SEC EDGAR