Falabella SA announced the resignation of its chief executive officer after a slowdown in consumer spending eroded profits at the Chilean retail group.
Gaston Bottazzini will remain in his post until Jan. 1, according to a filing sent Tuesday to Chile’s securities regulator. Bottazzini was appointed CEO in 2018 and his replacement hasn’t been announced.
While in the top job, Bottazzini oversaw Falabella’s push to become a bigger online operator that could compete with giants such as MercadoLibre Inc. The company acquired online operator Linio in 2018 and announced a $800 million capital increase to fund its e-commerce expansion as well as a joint venture with Ikea of Sweden AB.
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