Sergio Rial, president of Americanas, one of the largest retail groups in the country, has announced his departure from the company.
In a material fact, signed by him and by the director of investor relations at Americanas, André Covre, both report having found "inconsistencies" in the amount of R$ 20 billion (US$ 3.8 bi) in the company's balance sheet.
Rial's name, former president of Santander Brasil, was announced in August last year and the executive took over the position in early 2023. He replaced Miguel Gutierrez, who had been at Americanas for almost 30 years and had been in charge of the group for 20 years.
"Americanas S.A. informs its shareholders and the market in general that inconsistencies were detected in accounting entries reducing the supplier account made in previous years, including the year 2022," the company said.
Consequently, Rial and Covre have decided to leave the company, Americanas.
Rial, however, will remain as an advisor to the company's reference shareholders, the trio of billionaires at the head of the 3G Capital investment fund –Jorge Paulo Lemann, Beto Sicupira, and Marcel Telles.
Translated by Cassy Dias