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Casino wants Abilio to resign if he takes BRF position

The owner of Pão de Açúcar Group, Casino, wants the president of the board, Abilio Diniz, to resign his position in the company if he takes a seat on the board of BRF. The French group's position was made clear on February 7 at a meeting of the holding company Wilkes Participações.

Casino thinks it is unacceptable for Diniz to hold positions at both companies. BRF is the largest supplier to Pão de Açúcar Group. Diniz has said his working at BRF would not be detrimental to Pão de Açúcar, because he could abstain from votes involving the group. According to the contract signed between the partners in 2006, Diniz can only leave Pão de Açúcar's board if the company fails to deliver results, or if he has health problems.

The meeting was convened at Diniz's request, having put two people forward - Claudio Galeazzi and Luiz Fernando Figueiredo - to take two positions on the Pão de Açúcar board and that are currently occupied by his son Pedro Paulo Diniz, and his wife, Geyze Diniz. The names were approved by the members.

Information provided by Valor Econômico

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