Billionaire Sicupira Leaves Americanas Board After Restructuring

Brazilian billionaire Carlos Sicupira will leave the board of Americanas SA after a 25 billion-real ($4.5 billion) accounting fraud rocked the retailer and pushed it into bankruptcy protection.

Sicupira, who in the 1980s held the role of chief executive officer and was later chairman at Americanas, remains the biggest individual shareholder. To save the firm and strike a deal with creditors, Sicupira and his long-time business partners, Jorge Paulo Lemann and Marcel Telles, injected 12 billion reais into Americanas and will hold a majority stake.

During a general shareholder meeting Thursday, Luiz Fernando Edmond and Yuiti Matsuo Lopes were ...