UPDATE 1-Brazilian retailer GPA appoints new CEO Estermann -statement

VAM Funds names Robert Gordon director of two funds

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(Rewrites with company confirmation of new CEO)

SAO PAULO, Feb 19 (Reuters) – Brazilian retailer GPA SA announced late on Monday the appointment of Peter Paul Estermann as its new chief executive officer, replacing Ronaldo Iabrudi who had served in the post since 2014.

Iabrudi will become vice-chairman of the company’s board, GPA said in a statement.

In a related move, Flavio Dias will become the CEO of appliance and electronics subsidiary Via Varejo SA, the company said, replacing Estermann, who had been serving in that post.

Under Estermann’s leadership, Via Varejo has successfully adapted tech-savvy, infrastructure-light retail model, that has significantly boosted margins and profits, the company said.

“We’re living in an era of transformations in retail, and I don’t see a better person than Peter to guide GPA in this next cycle,” GPA Chairman Jean-Charles Naouri wrote in the statement. (Reporting by Tatiana Bautzer and Gram Slattery; Editing by Leslie Adler and Grant McCool)

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