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Investing.com -- An investment fund led by Brazilian investor Nelson Tanure is set to appoint only one representative to the board of the retail chain Grupo Pao de Açucar (GPA). The decision is expected to be made at a shareholder meeting on Monday, according to a Reuters report on Monday.
Previously, Tanure, who holds approximately 7% of GPA’s shares, had called for the removal of the earlier board of directors and the election of new members. He had intended to appoint three representatives of his own.
However, the plan faced opposition as other investor groups, who were not previously represented on the board, chose to appoint their own members. This action diluted the support for Tanure’s nominees, leading to the current situation where only one of his nominees is expected to be appointed.
In response to this development, Tanure is predicted to retract the nominations of the other two individuals he had initially chosen to represent him on the board.
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