Americanas: CEO Rial Resigns Due to Accounting Inconsistencies

Executive Sergio Rial’s decision was made after the company identified inconsistencies in accounting entries that reduced the suppliers account related to previous fiscal years, including 2022, which, in a preliminary analysis, estimated inconsistencies close to 20b reais on Sep. 30, 2022, according to a filing.

• The Company estimates that the cash effect of these inconsistencies “is not material”
  • The company said it cannot yet determine all the impacts of such inconsistencies
• The company’s board decided to create an independent committee to investigate the situation
• André Covre, the company’s IR director, also decided to step down
• Board elected João Guerra ...