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Chile's Cencosud appoints new CEO after regulator scraps earlier nomination

Reuters
·1-min read

SANTIAGO, Oct 19 (Reuters) - Chilean retailer Cencosud appointed Renato Gutierrez as interim chief executive, it said on Thursday, marking its second attempt to fill the position following the previous chief's exit after being sanctioned for insider trading.

Chilean regulators this week shot down the nomination of Heike Paulmann, chairwoman of the board and daughter of the company's founder, arguing a chairperson could not legally perform both roles at the same time, even on an interim basis.

Gutierrez will continue in his post as head of corporate manager while serving in the interim role, the company said.

Former CEO Matias Videla this month was fined by the regulator for insider trading for a 2022 purchase of more than 600,000 shares in the firm.

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He stepped down this week after nearly four years in the role.

The Chile-based retailer also operates stores in Argentina, Brazil, Colombia, the United States and Peru. (Reporting by Natalia Ramos; Writing by Kylie Madry; Editing by Jamie Freed)