By Brazil Stock Guide – Grocery retailer Companhia Brasileira de Distribuição (PCAR3.SA), known as GPA and owner of the Pão de Açúcar chain, said two members of its fiscal council have stepped down. According to a report by Valor Econômico, André Francez Nassar, a full member, and Diego Xavier Mendes, an alternate, submitted their resignations. The company said it will move to elect replacements.
The exits add to recent turbulence in GPA’s leadership. Business director Fréderic Garcia left the group in recent days, while earlier in August, Sebastian Dario Los and Edison Ticle resigned from the audit committee. In a letter to fellow members, they cited disagreements over the “interpretation of essential principles of governance and independence,” Valor’s Pipeline service reported.
Governance rift over pay policy
Tensions have been fueled by disputes regarding executive compensation. The committee debated a policy that would cut salaries of nearly all members by 20%, except for vice chairman Christophe Hidalgo, appointed by controlling shareholder Casino Guichard-Perrachon SA (CO.PA). The carve-out heightened frictions among board members and reinforced perceptions of unequal treatment.
Shifts in shareholder influence
The reshuffling comes as the Coelho Diniz family, a Minas Gerais-based retailer with fewer than 30 stores, increases its stake in GPA. The move gives the family greater influence over the group’s decision-making, potentially altering the balance of power in the company’s governance structure.
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