Brazil’s biggest retailer CBD has announced that Abilio dos Santos Diniz is to step down from his position as chief executive to become chairman of the board, as part of a management reshuffle.
Companhia Brasileira de Distribucao (CBD), which operates the Pao de Acucar supermarket chain, said Augusto Marques da Cruz Filho would replace Diniz as executive president from March next year.
CBD also said that it plans to abolish the roles of vice-president directors but will set up three special committees to increase interaction between the board of directors and the company management.
The company’s founder, Valentim de Santos Diniz, will become an honorary chairman of the board, reported Reuters.
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