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Grendene Brothers Exit Melissa

The twins have stepped down to adhere to better corporate governance practices.

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EXITING MELISSA: The Grendene brothers, who were at the helm of the namesake Brazilian company that makes Melissa plastic shoes, have stepped down to adhere to better corporate governance practices.

Twin brothers Alexandre and Pedro Grendene, who founded the family business in 1971, resigned as chief executive and vice president, respectively, according to a regulatory filing sent to Brazil’s securities regulator. They will remain as president and vice president of the company’s board of directors, the statement added.

Current chief operating officer Rudimar Dall’Onder, who’s been at Grendene for 30 years, is the company’s new ceo. A Brazilian regulation that will take effect in April next year prohibits executives from accumulating jobs at the top management level and on the company’s board.

The changes come as Grendene significantly outperforms the footwear sector in Brazil. The company’s net profit rose 24.7 percent in the first quarter to 102.3 million reals, or $50.9 million, compared with the same period last year. Net revenue advanced 22.8 percent to 485.8 million reals, or $242.9 million, while sales in terms of volume rose 29 percent to 52.6 million pairs of shoes in the first quarter versus the same quarter in 2013. Revenue for the sector as a whole fell between 1 percent and 2 percent last year and is expected to grow 5 percent this year at the most, according to estimates from Brazil’s footwear industry association Abicalçados.

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