(Bloomberg) -- Andronico Luksic Craig, the chairman of Chilean holding company Quinenco SA and a member of South America’s richest family, is retiring. 

Luksic on Thursday announced plans to resign from all executive and board positions at the end of 2023, according to a filing sent to Chile’s securities regulator.

The businessman, who will turn 70 in April, will step down from boards tied to a slew of companies controlled by Quinenco: lender Banco de Chile, holding company Invexans SA, shipping company Cia Sudamericana de Vapores SA, brewer Cia Cervecerías Unidas SA and holding company LQ Inversiones Financieras SA.

“After a deep process of reflection, I have come to the conviction that it is time to step away from day-to-day operations, to give way to other leadership,” Luksic said in an emailed statement.

The Luksic family is South America’s wealthiest, with a combined fortune of about $25 billion, according to the Bloomberg Billionaires Index. 

Quinenco was founded in 1957 by patriarch Andronico Luksic Abaroa as a manufacturer of wood props for underground tunnels. Through CSAV, it owns a 30% stake in German shipping company Hapag Lloyd AG. It also controls Banco de Chile through a joint venture with Citigroup Inc. and has a partnership with Heineken NV for CCU. It owns a stake in French energy firm Nexans SA and operates fuel stations in Chile, the US and Paraguay.

The Luksic family’s largest asset is a $12 billion stake in copper miner Antofagasta Plc, of which Jean Paul Luksic Fontbona is chairman. Luksic will remain on the boards of Antofagasta Plc and Nexans, Quinenco said in a text message.

Pablo Granifo was selected by Quinenco’s board to replace Luksic as chairman. Granifo is currently chairman of Banco de Chile.

(Updates with Quinenco comment on Luksic board memberships in penultimate paragraph.)

©2023 Bloomberg L.P.