Brazilian retail veteran Michael Klein has submitted a proposal to reclaim his position as chairman of Casas Bahia, the retailer founded by his father in the 1950s.
Klein has increased his stake in the company to 10.4% and is requesting a shareholders' meeting to remove Renato Nascimento from the chairman position and elect himself instead, as reflected in a statement and two securities filings.
Having previously served as chairman in 2020, Klein acknowledges the ongoing efforts to stabilize the company’s finances and intends to maintain the core executive management team to ensure "continuity of recent work."
However, he believes that Casas Bahia, which operates over 1,000 stores in Brazil, "needs leadership with a strategic vision to adapt the traditional model to the current demands of the consumer market." Klein argues that his experience and historical role within the company warrant his return to the board.