Sergio Rial – the CEO behind Santander Brasil’s famed turnaround – has surprised the Brazilian business community by announcing he is taking over as chief executive of Lojas Americanas – a Brazilian retail chain that Euromoney can best describe as akin to a latter-day Woolworths. Imagine a press release informing the market that Jamie Dimon is to be the next CEO of Target.
While some bankers’ eyebrows were raised, investors greeted the news with delight – Lojas Americanas’ share price leapt by 18% in the next day’s trading.
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