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Vivara CEO, Nelson Kaufman, resigns from his position and assumes chairmanship of the board The jewelry chain Vivara announced this Monday (25) that Nelson Kaufman, founder and main shareholder of the company, will leave his position as CEO of the company and assume the role of chairman of the board of directors. According to the statement sent to the Securities and Exchange Commission, Otavio Lyra was elected by the board to assume the role of CEO of the company.
Company restructuring
Vivara also appointed Carolina Lacerda as a counselor in one of the two seats left vacant with the resignation, on Friday (22), of Anna Chaia and Tarcila Ursini. Internal sources say that Kaufman spent the week talking to investors, analysts and investment bankers and that the businessman explained what he meant when he announced plans to internationalize the company. According to Kaufman, the intention is not to compete with companies from the USA and Europe, but rather to focus on Latin American markets whose dynamics are more similar to the Brazilian market.
Vivara bag (Photo: reproduction/Instagram/@vivaraonline)
Drop in shares previously
Last month, Vivara’s board elected Kaufman as chief executive, resulting in a drop in the company’s shares amid concerns about the company’s governance and future growth strategy. Since the announcement, shares have fallen by more than 18%, with the fourth quarter earnings also being closely monitored. It is also important to highlight that last week, Kaufman increased his stake in Vivara from 25% to 27%, resulting in a purchase of R$90 million.
After the announcement, this Monday (25) the company’s shares rose by around 2.75%. The speech about the company’s internationalization was the target of criticism a few weeks ago, reinforcing investors’ negative view of Kaufman’s appointment as CEO of Vivara.
Featured photo: Vivara store (Reproduction/ Shopping Mueller)
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Vivara CEO, Nelson Kaufman, resigns from his position and assumes chairmanship of the board
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Vivara CEO, Nelson Kaufman, resigns from his position and assumes chairmanship of the board