UPDATE 1-Head of Cnova Brasil resigns after inventory troubles

viernes 22 de enero de 2016 10:55 GYT
 

(Adds background on executives, inventory investigation)

SAO PAULO Jan 22 (Reuters) - The head of Brazilian operations and co-chief executive of online retailer Cnova NV , a subsidiary of France's Casino Guichard Perrachon SA , has resigned after an investigation of inventory mismanagement in Brazil.

German Quiroga's resignation "was of a personal nature and was agreed with management," according to a Cnova statement released on Friday by Brazil's biggest retailer, GPA SA , also a subsidiary of Casino.

Emmanuel Grenier, head of French e-commerce site Cdiscount and Cnova's other co-CEO, will take over as sole chief executive of Cnova globally and serve as acting head of Cnova Brasil until a new executive, Flavio Dias, takes over in Brazil, according to an investor relations officer.

Dias has worked for Dutch electronics group Philips NV , Brazilian department store Magazine Luiza SA and was the first executive to run e-commerce for Wal-Mart Stores Inc in Brazil. He takes over Cnova Brasil on Feb. 15, according to the release.

Quiroga's departure comes about a week after Cnova said it may have over-reported its net revenue by 110 million reais ($26 million) through December due to irregularities in product management at its Brazilian distribution centers.

The news triggered write-downs and an independent probe that also turned up accounting irregularities. (Reporting by Reese Ewing; Additional reporting by Brad Haynes; Editing by Paul Simao)