Cencosud Appoints Renato Gutierrez as its Interim Chief Executive

Chilean retailer Cencosud has announced the appointment of Renato Gutierrez as its Interim Chief Executive following the departure of the previous chief executive due to sanctions related to insider trading. Cencosud also operates stores in Argentina, Brazil, Colombia, the United States, and Peru.

This week, Chilean regulators rejected the nomination of Heike Paulmann, who is the chairwoman of the board and the daughter of the company’s founder, citing legal restrictions against one person holding both roles simultaneously, even on an interim basis.

Gutierrez will concurrently maintain his position as the head of the corporate manager while serving in the interim CEO role, according to the company’s statement.

The former CEO, Matias Videla, was recently fined by regulators for insider trading stemming from his purchase of over 600,000 shares in the company in 2022. He decided to step down from his position after serving in it for nearly four years.

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