Brazil fashion retailer Lojas Renner chooses new CEO

The board of Brazilian apparel chain Lojas Renner SA has chosen as its new chief executive Fabio Adegas Faccio, the firm’s chief procurement officer, the company said on Thursday.

In a securities filing, Brazil’s largest clothing retailer said current CEO José Galló will stay in his post until Apr. 18, when Faccio will take over. Galló will stay with the company as a board member, the company said.

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Shares in Lojas Renner were up 1.4 percent in afternoon trade, in line with Brazil’s benchmark Bovespa index.