GPA, owner of the Pão de Açúcar and Extra supermarket chains, announced in a material fact statement this Thursday, February 5th, that Pedro Vieira Lima de Albuquerque will be its new CFO.
The move comes amid a process of change at Grupo Pão de Açúcar, which is going through one of the most turbulent periods in its recent history, marked by changes in management, operational restructuring and significant rearrangements in its governance – a month ago, GPA announced a new CEO, Alexandre de Jesus Santoro.
The arrival of Pedro Albuquerque at GPA reinforces the group's objective of seeking experienced names from the market to deal with the crisis. Albuquerque worked for more than 10 years at Kraft Heinz, as CFO for Asia and the Pacific, president of the Southeast Asia operation, Global Planning and, later, CFO of North America.
Between 2009 and 2014, he worked at América Latina Logística (now Rumo Logística), leading the areas of Treasury, Financial Planning, New Business, and Investor Relations. He also served on the boards of subsidiaries of these companies, in addition to being an advisor to Lucta Flavors and Fragrances.
He will assume the position previously held by Rafael Sirotsky Russowsky, who served as interim president of GPA after Marcelo Pimentel's departure in 2025. Russowsky is also the director of investor relations.
The crisis at GPA became more clearly defined with the resignation of Marcelo Pimentel in October 2025, following internal conflicts and pressures stemming from the company's poor financial performance, paving the way for a transition phase led on an interim basis by Russowsky.
Pimentel's departure last year, incidentally, symbolized the end of a cycle and exposed the urgency of structural adjustments, at a time when the retail group was seeking to regain competitiveness and recover pressured margins. Amid this scenario, GPA hired the American consulting firm Alvarez & Marsal, specializing in corporate restructurings, to support the execution of an efficiency plan initiated in November of the previous year.
The program foresees cuts exceeding R$ 700 million in expenses, focusing on organizational simplification, contract review, logistics optimization, and streamlining the store portfolio, reflecting the need for rapid responses to an adverse operational environment.
Meanwhile, the group's governance underwent significant restructuring. In January, Carlos Augusto Reis de Athayde Fernandes and Eleazar de Carvalho Filho were elected to the board of directors, two names that reinforce the competition for influence in the retailer's leadership.
Fernandes is linked to the holding company of Silvio Tini, an investor who increased his stake in GPA to reach 10% of the capital by the end of 2025, a move that altered the balance between relevant shareholders and increased pressure for strategic changes. Carvalho Filho, on the other hand, is known for his long-standing ties to the French group Casino, the former controlling shareholder of GPA, representing a more traditional management approach within the company.
The arrival of these advisors comes at a time when the Coelho Diniz family had already consolidated its position as the largest shareholder, reshaping the internal power structure.
The board ended the interim phase last month by electing Santoro as the new CEO, an executive with experience in food service operations and service networks, responsible for leading the company in an environment of strong competition and the need for capital discipline.
His appointment symbolizes the effort to stabilize the company after months of uncertainty, while GPA attempts to balance the interests of shareholders with differing views on the company's future.
Gradual recovery
GPA ended 2025 showing signs of gradual recovery, although it is still operating under strong competitive pressure in the food retail sector.
In the second quarter of 2025, the company reduced its net loss to R$ 216 million, a 35% decrease compared to the previous year, driven by improved operational performance and the seasonal effect of Easter, which increased sales volume during the period.
In the third quarter, GPA returned to profitability, with R$ 137 million, although EBITDA fell short of expectations and revenue grew by only 1.4%, signaling still weak demand and a more intense promotional environment.
GPA ended 2025 with net debt of around R$3.7 billion, according to the most recent financial data released by the company. The debt profile is mostly short-term, which increases the pressure for renegotiation and operational efficiency.
Even so, the group recorded 4.1% growth in store sales and maintained its leadership in food e-commerce. In the market context, GPA continues to lag behind competitors such as Carrefour and Assaí in scale and profitability, but is trying to preserve relevance in the premium and convenience segments, areas where it still holds a significant share and a strong brand, especially in the Southeast region.
