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STXNEWS LATAM-Brazil's Pão de Açúcar cuts founding families' expenses-report
November 30, 2012 / 6:25 PM / 5 years ago

STXNEWS LATAM-Brazil's Pão de Açúcar cuts founding families' expenses-report

Grupo Pão de Açúcar SA’s human resources committee recommended cuts to expenses for families of key minority shareholders, newspaper Valor Economico reported on Friday, underlining cost-cutting efforts since French group Casino Guichard Perrachon assumed control in July.

The committee suggested cutting 98 million reais ($46 million) of spending on security and transportation for the Diniz and Klein families, which founded Pão de Açúcar and home appliance unit Casas Bahia, Valor reported on its website.

Abilio Diniz, the company’s chairman, is the son of Pão de Açúcar’s founder. A spokesman said the company, Brazil’s biggest retailer, does not comment on its committees’ deliberations.

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