Grupo Modelo has approved a new board president. The decision was made at the company's annual shareholders' meeting on Monday (18 April).

In a press release, the company confirmed that Carlos Fernandez will replace Antonio Fernandez as head of the board of directors. Antonio Fernandez will remain on the brewer's board as honorary president.

Alfonso de Angoitia and Claus Von Wobeser were also approved as independent board members at Monday's meeting.