Millicom (Tigo) Board of Directors Appoints Marcelo Benitez as CEO

Luxembourg, April 25, 2024 – Millicom announced today that its Board of Directors has appointed Marcelo Benitez as CEO of Millicom, effective June 1, 2024. Benitez has had a distinguished career with Millicom, having joined the company in Paraguay nearly 30 years ago and risen through the Company's ranks to his most recent role as CEO of TIGO Panama.

Benitez's selection completes the final phase of a succession planning and selection process, which included a thorough evaluation of internal and external candidates to ensure that the company's next CEO possesses the vision, experience, talent and leadership qualities necessary to deliver on Millicom's strategic plans. "After an extensive evaluation, it is clear to our Board that Marcelo is the right person to lead Millicom into the future", indicated Mauricio Ramos, Chair of the Board of Directors of the Company.

Under Marcelo's leadership, TIGO Panama completed the successful integration of Cable Onda and Movistar Panama to become the country's leading provider of telecom services. Prior to this, Benitez held the position of Vice President for the Central America Region, where he oversaw the Company's operations across Honduras, El Salvador, Costa Rica, Nicaragua, and Panama. His career with TIGO has also included roles as CEO of TIGO El Salvador and CEO of Tigo Business (TIGO's B2B operation), among others. Benitez holds an MBA from Pontificia Universidad Católica de Chile, a BBA from Pacific University, and a leadership program at Stanford University.

Ramos said, "We congratulate Marcelo on his appointment, and the entire Board looks forward to partnering with him and the leadership team as we execute on our strategic initiatives. Marcelo has the right experience and skills, as well as a deep understanding of the Company and of the Sangre Tigo culture that defines it."

As planned in the transition process, and subject to shareholder approval at the AGM currently scheduled for May 23, 2024, Mauricio Ramos will continue as Chair of the Board of Directors of Millicom. In addition, Ramos will continue to perform key executive roles, overseeing external stakeholder relations, including government relations, joint venture partners, M&A, and legal, governance and regulatory matters.

Also subject to shareholder approval at the AGM, Maxime Lombardini will join the Board of Directors of Millicom. "We are excited that Maxime will bring his extensive experience and track record in leading telecom businesses to the Millicom Board. His knowledge of Millicom is already tremendous and his contributions to cost control and increased profitability have already been very positively impactful. We all look forward to continuing to work closely with Maxime", indicated Ramos. Lombardini will continue in his position as President and COO until year-end to support Marcelo Benitez and ensure a continued smooth transition with a strong focus on cost savings, de-leveraging and increased profitability.