Lemann-Backed Retailer Americanas Loses CEO on $4 Billion ‘Inconsistencies’
- Americanas CEO had been on job for just 10 days before exit
- Analysts from Morgan Stanley to Itau suspend recommendations
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Americanas SA, the Brazilian retailer that counts billionaire Jorge Paulo Lemann among its main backers, sank 77% following the departure of its new chief executive officer after finding billions of dollars of accounting “inconsistencies.”
Banks including Morgan Stanley, Itau BBA and Bradesco BBI rushed to place their forecasts for Rio de Janeiro-based Americanas under review after the news, announced by the company Wednesday evening in a regulatory filing. Among the issues found were debts with banks from supplier financing operations that aren’t adequately reflected in financial statements as of Sept. 30.