Brasil Business news

Natura’s CEO steps down in shakeup at Brazil beauty maker By Reuters

© Reuters. FILE PHOTO: The emblem of Natura is image on the firm headquarters in Sao Paulo, Brazil December 19, 2019. REUTERS/Amanda Perobelli/File Photograph

By Gabriel Araujo

SAO PAULO (Reuters) – Brazil’s Natura & Co Holding SA mentioned on Wednesday that Chief Govt and Govt Chairman Roberto Marques was stepping down in an organizational shakeup, handing over the reins of the cosmetics maker to board member Fabio Barbosa.

Natura, which goals to simplify its construction, can also be eliminating its sustainable development officer and chief transformation officer.

Natura shares jumped 7.8% after the announcement, making it the highest gainer on Brazil’s inventory index, which rose 1.2%.

It’s “time to evolve,” mentioned the proprietor of Natura, Avon, Aesop and The Physique Store manufacturers, with plans to extend the accountability of its enterprise items after years of enlargement fueled by high-profile acquisitions.

Barbosa mentioned Natura’s essential precedence with the transfer was not chopping prices, though calling it “completely necessary,” however making its organizations leaner and capable of be extra agile.

“We even have a deal with the income facet. … We all know that we now have to enhance margins, enhance revenues and proceed to concentrate to prices,” he advised a convention name .

Barbosa served because the chief government of Santander (BME:) Brasil from 2008 to 2011, additionally main Banco Actual for greater than a decade and writer Grupo Abril between 2011 and 2015.

Marques will stay as a board member to assist together with his succession, however plans to retire on the finish of 2022.

Analysts at JPMorgan (NYSE:) mentioned the transfer probably provides larger autonomy for Natura’s enterprise items to execute their plans to ship the agency’s targets.

“Within the context of a difficult working atmosphere and restricted visibility on development and profitability tendencies, we consider the market is prone to welcome the modifications,” they mentioned.

Natura posted a bigger-than-expected web loss amid surging prices and tepid gross sales within the first quarter, pushing again by a yr some monetary targets together with web income.

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