BRAZIL: Pestana quits as CEO of retail giant CBD

By Katy Askew | 21 January 2014

CBD names new CEO

CBD names new CEO

Enéas Pestana, the chief executive of CBD, Brazil's largest retailer, has resigned after three years in charge.

Pestana, who was promoted from his previous role of COO in 2010, has spent over a decade at the retailer, also known by its trading name of Grupo Pao de Acucar, or GPA.

"This is the right moment for the conclusion of an important cycle at the leadership of GPA. I have completed an important phase in my life after dedicating 11 years to the development of this company," Pestana said.

CBD said director Ronaldo Iabrudi would replace Pestana. Iabrudi is a former chief executive at Brazilian telecoms group Telemar, railroad operator Ferrovia Centro Atlantica commodities supplier Magnesita. He said it was an "honour" to replace an executive of Pestana's calibre.

"His internal leadership and capacity are examples to be followed. I am sure that GPA, with all our team, will continue on its path of success, growth, leadership and improvement of the good practices of management and governance," Iabrudi said.

Show the press release

Notice to the Market

Ronaldo Iabrudi is appointed as Chief Executive Officer of GPA

São Paulo, January 20, 2014 - The Company hereby informs the market that, on the date hereof, the Chief Executive Officer, Enéas Pestana, presented his resignation letter to the Board of Directors. The Chairman of the Board of Directors proposed to the Board the name of Ronaldo Iabrudi, currently a board member of the Company, to replace him, having been elected today.

Enéas Pestana said: "This is the right moment for the conclusion of an important cycle at the leadership of GPA. I have completed an important phase in my life after dedicating 11 years to the development of this Company. I‘m proud to have led GPA so far, and I wish a lot of success to Ronaldo."

Jean-Charles Naouri, Chairman of the Board of the Company stated the following:

"GPA is grateful to Enéas for all that he represented to the Company in the past eleven years. His outstanding performance and loyalty to the Company‘s interest, even in the most difficult moments, deserve all due respect. The valuable experience of Ronaldo, coupled with his great professional talent, will strongly contribute to the development and success of GPA."

Ronaldo Iabrudi stated: "The appointment to succeed an executive like Enéas is an honor. His internal leadership and capacity are examples to be followed. I am sure that GPA, with all our team, will continue on its path of success, growth, leadership and improvement of the good practices of management and governance."

Original source: CBD

Sectors: Emerging markets, Retail

Companies: CBD

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