One of Mexico's richest men steps down from business empire

One of Mexico's richest men Alberto Bailleres has stepped down as president from the five main firms comprising his business conglomerate Grupo Bal, and his son Alejandro Bailleres was named as his replacement.

The elder Bailleres stepped down from his role as president at mining firms Fresnillo plc and Industrias Peñoles , insurer GNP, pension fund manager Profuturo and luxury department store Palacio de Hierro, the companies announced separately.

He was named honorary president of those companies.

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