GPA names new board member after resignation

Companhia Brasileira de Distribuição, known as GPA and owner of the Pão de Açúcar banner, announced on 11 September changes to its leadership. Board member Helene Esther Bitton resigned from her positions on the board of directors and the strategic financial committee.

The company approved the election of Yann François Eugène Fourmy to the board of directors. His term matches the other board members and will end at the next general shareholders meeting. GPA did not disclose the reasons behind Bitton's resignation, nor did it outline operational or strategic consequences from the move.

The governance change comes while the retailer handles an out-of-court restructuring process. In March this year, GPA filed for extrajudicial recovery involving about R$ 4.5 billion in debt to renegotiate directly with its creditors.

Before filing for the out-of-court procedure, GPA had hired financial advisers to help improve its debt profile amid market pressure over near-term debt maturities.