The GPA announced the departure of two members from its Fiscal Council, André Francez Nassar and Diego Xavier Mendes, as stated in documents submitted to the Securities Commission.
The two advisors expressed disagreement with the company’s current management in their resignation letters, as reported by InvestNews sources.
The departure happens as the mining group Coelho Diniz advances on the GPA’s capital, with entrepreneurs now owning 18% of the company, close to the 22.5% share held by the former French controller, Casino. The involvement of the Diniz family, unrelated to Abilio Diniz, suggests a power struggle for control of the retailer.
The existence of various factions in the capital has heightened internal conflicts within the company’s board, which was restructured in May. This has particularly been evident during discussions on governance and approaches to managing non-core liabilities and assets.
In May, following a failed attempt to secure three board seats, businessman Nelson Tanure (owner of the Day network, and in control of Prio and Light) sold his stake, which was ultimately acquired by the Diniz family.
The GPA announced that it will pursue the required legal actions for appointing new members to the Fiscal Council and will provide updates to the market.
