Leadership Shift At Americanas: A New Chapter In Governance
(MENAFN- The Rio Times) Americanas, a major Brazilian retailer, recently began a transformative new era in corporate governance, marked by significant changes.
Two notable board members, Carlos Alberto Sicupira and Paulo Alberto Lemann, left the Board of Directors.
This change happened during a shareholder assembly on Thursday. The assembly approved a fresh slate of directors for the next two years.
The new board now includes Eduardo Saggioro Garcia and Luiz Fernando Ziegler De Saint Edmond.
Cláudio Moniz Barreto Garcia, Yuiti Matsuo Lopes, and Paula Magalhães Cardoso Neves also joined.
Maria Rita Megre de Sousa Coutinho and Vanessa Claro Lopes complete the lineup. This overhaul follows major changes in the retailer's control.
Earlier this week, Jorge Paulo Lemann and his partners regained majority control over Americanas. They bought more than half of the company's shares.
The return marks a crucial pivot for the retailer after a severe accounting scandal.
The scandal exposed massive frauds within the company's financial statements earlier in 2023. Creditors pressured the controlling trio for a robust intervention.
An independent committee blamed the fraudulent activities on the former management. The company then started a judicial recovery program to stabilize its finances.
Lemann, Sicupira, and Telles committed to injecting R$ 12 ($2.1) billion into the retailer. Creditors also converted R$ 12 billion of debt into equity during a capital increase.
This move significantly diluted the stakes of existing shareholders. The capital influx helped ease the company's financial troubles.
The trio increased their shareholdings to 49.24% through these actions. They then exercised subscription bonuses issued at R$ 0.01 per share.
This strategic move solidified their control, achieving a 50.01% majority voting share.
This reshuffling at Americanas' top level represents a decisive moment in the company's history.
It highlights the vital role of strong corporate governance and vigilant oversight. These changes aim to safeguard shareholder interests and ensure corporate integrity.
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