Brazilian retail giant GPA, managed by French supermarket chain Casino in South America, is facing internal turmoil that could bring significant administrative changes.
This situation arose after GPA’s supermarket operator announced on Sunday that influential investment firm Saint German, led by Brazilian billionaire and activist investor Nelson Tanure, called for an extraordinary general meeting to vote on the removal of the current board.
Tanure’s initiative quickly garnered support, including from major stakeholder Casino. In recent hours, the retail conglomerate reported that investor Ronaldo Iabrudi and French firm Casino aligned with Tanure’s proposal.
Under Tanure’s plan, a new nine-member board would be elected, with him designating two members. Currently, Tanure is GPA’s second-largest shareholder after Casino. GPA, owner of the Pan de Azúcar supermarket chain, received letters of support from both shareholders.
Tanure, known for his activist investing style, typically enters boards to advocate internally for changes aimed at enhancing shareholder profitability.
