Brazilian retailer Companhia Brasileira de Distribuicao (CBD) said today (16 April) that CEO Cláudio Galeazzi is to stay on at the business until the end of 2010.

The company, better known through its trading name Grupo Pao de Acucar, said Galeazzi's had accepted the board's invitation to remain at the retailer until the end of next year.

"The company's excellent results and Mr. Galeazzi's alignment with our beliefs and values were determining factors in this decision," the board said.

Last month, the group posted a 41.6% increase in full-year net profit to BRL298.6m (US$137m).

Net sales for the year were up 21% to reach BRL18.03bn on the previous year.