SAO PAULO (Reuters) – Brazilian retail veteran Michael Klein has sent a proposal to retake his chairman position in Casas Bahia, the retailer his father founded in the 1950s, he said in a statement on Tuesday. Klein increased his stake in Casas Bahia to 10.4% and asked the firm to call a shareholders meeting to […]
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Michael Klein aims to retake chairman role in Brazil’s Casas Bahia
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SAO PAULO (Reuters) – Brazilian retail veteran Michael Klein has sent a proposal to retake his chairman position in Casas Bahia, the retailer his father founded in the 1950s, he said in a statement on Tuesday.
Klein increased his stake in Casas Bahia to 10.4% and asked the firm to call a shareholders meeting to remove Renato Nascimento from the chairman position, electing him instead, the statement and two securities filings from the company showed.
Klein, who was last Casas Bahia’s chairman in 2020, said he acknowledges current efforts to balance the company’s finances, and said he aims to preserve the core of the executive management to ensure “continuity of recent work.”
However, Klein said Casas Bahia, which has over 1,000 stores in Brazil, “needs leadership with a strategic vision to adapt the traditional model to the current demands of the consumer market.” He said his experience and role in the firm’s history would justify his return to the board.
(Reporting by Andre Romani, Alberto Alerigi Jr. and Patricia Vilas Boas in Sao Paulo; Editing by Leslie Adler)