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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium -- Ignore unavailable to you. Want to Upgrade?

To: $Mogul who wrote (66955)	1/25/2000 9:21:00 PM
From: Bouf	Read Replies (1) \| Respond to of 108040

HOT OFF THE PRESS..READ This news out tonight about COOL ...is the PRES of COOL well connected...sounds like something is brewing south of the boarder!! Robert A. Bowman Nominated to Join Board of Directors Shareholders Meet to Ratify New Board MEXICO CITY, Jan. 25 /PRNewswire/ -- Grupo Elektra S.A. de C.V. (NYSE: EKT; BMV: ELEKTRA), Latin America's leading specialty retailer, today announced that Robert A. Bowman has been nominated to join the Company's Board of Directors, completing the nine member Board. ``I am very pleased that Mr. Bowman has agreed to participate in Elektra's new Board of Directors,' stated Ricardo B. Salinas Pliego, Chairman of Elektra. ``His knowledge and experience with creating shareholder value in other public companies will be an asset to Elektra as we continue to develop our corporate governance initiative,' Mr. Salinas continued. Mr. Bowman, who recently became CEO of Outpost.com, a leading Internet retailer of technology products for consumers and businesses, is a former President, Chief Operating Officer, and Chief Financial Officer of ITT. He also served as CFO of Sheraton Hotels and as the Michigan State Treasurer. In addition, early in his career Mr. Bowman worked at both the U.S. Treasury Department and at Goldman Sachs & Co. Since 1998, he has been an Internet entrepreneur, starting two companies. ``Bob Bowman brings a wealth of international experience to our Board. I am particularly excited about his involvement in the internet, with Outpost.com, an area that will be of increasing importance to Elektra,' said Pedro Padilla, Elektra's Chief Executive Officer. ``His acceptance completes our new Board, which I believe will now be one of the strongest in Mexico,' Mr. Padilla noted. The company's shareholders will meet on Wednesday, January 26 to consider management's proposed Board of Directors. As previously announced, Elektra's proposed independent board members are: David Williams, Chairman of Alliance Capital Management Corporation, Carlos Fernandez Gonzalez, Vice Chairman and Chief Executive Officer of Grupo Modelo S.A., and Roberto Servitje Achutegui, Executive Vice President of Grupo Bimbo S.A. The representatives of the majority shareholders on the Board will be: Ricardo B. Salinas, Chairman of Elektra, Pedro Padilla, Chief Executive Officer of Elektra, Hugo Salinas Price, Honorary President of Elektra, Guillermo Salinas, president of Dataflux, and Elisa Salinas, Director of Production of Azteca Digital. Grupo Elektra is Latin America's leading specialty retailer, with three separate retail chains that target Latin America's growing middle class. The group operates 946 stores in 320 cities in Mexico and five other countries in Latin America. The principal business units include: Elektra, which offers electronic goods, furniture and appliances to middle and lower-middle income groups; Hecali/The One, a family clothing merchandiser offering basic and basic fashion clothing; Salinas y Rocha, which focuses on furniture, electronic goods and appliances for the middle and upper middle income groups; CrediFacil, which extends financing credit to all Grupo Elektra's customers; and Dinero en Minutos/Dinero Express, which provides money transfer services from the U.S. to Mexico and within Mexico. Grupo Elektra also holds a major investment in TV Azteca, one of two broadcast television networks in Mexico. Mass-market advertising through TV Azteca is an integral element of Elektra's strategy.