Chile’s Cencosud CEO Videla Resigns After Insider Trading Fine

Chilean retailer Cencosud SA’s CEO Matias Videlaresigned Tuesday after being slapped with a fine for insider trading.

Videla’s resignation was accepted by the company’s board, according to a filing sent to Chile’s securities regulator. Chairwoman Heike Paulmann will assume the vacant chief executive officer post on an interim basis, it said.

Earlier this month, Chile’s regulator fined Videla UF15,000, or about $593,000, for using privileged information when acquiring Cencosud shares. The regulator said that Videla acquired 613,026 Cencosud shares for almost CLP800 million, or about $850,000, in May 2022, when he had confidential information about Cencosud’s potential acquisition of ...