GPA CEO leaves before Assaí spin-off

GPA CEO leaves before Assaí spin-off

Corporate & Sovereign Strategy IPO Capital Markets Equity People Brazil Latin America

Brazilian retail group Companhia Brasileira de Distribuição, which still goes by its former initials GPA, said CEO Peter Estermann will leave the company ahead of the partial spin-off of its wholesale unit Assaí. CFO Christophe Hidalgo will become interim CEO and oversee an initial public offering (IPO) of Assaí on the stock exchanges in São Paulo and New York, GPA said in a securities filing on Wednesday. Belmiro Gomes will remain CEO of Assaí after the spin-off, while Jorge Faical will stay at

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