Saieh Steps in at SMU

Saieh Steps in at SMU

Chile People

SMU approved the appointment of controller Alvaro Saieh as president, the Chilean supermarket operator says, a move aimed at bolstering investor confidence. The billionaire can be more actively involved in the retailer’s turnaround from the position. Following disclosures this year of accounting errors that led to a breach of debt covenants, SMU has been executing a plan that includes a number of store closings, asset sales and a focus on lowering costs. Saieh put up $300m in fresh equity last m

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