Michael Klein (businessman)
| Michael Klein | |
|---|---|
| Born | 1951 (age 65–66) Munich, Germany |
| Residence | Barueri, Brazil |
| Citizenship | Brazilian |
| Alma mater | Paes de Barros University Getulio Vargas Foundation |
| Occupation |
CEO of Casas Bahia Director of Via Varejo Chairman of Grupo CB |
| Years active | 1969-present |
| Known for | Former Chairman of Via Varejo |
| Net worth |
 US$1.5 billion (2017)
|
| Children | 4 |
| Website | www.grupocb.com.br |
Michael Klein (born 1951) is a Brazilian business executive. He is the CEO of the Brazilian chain of department stores, Casas Bahia, and a Member of the Board of Directors of Via Varejo, the parent company of Casas Bahia, Cnova and Ponto Frio. Michael's father, Samuel Klein, founded Casas Bahia in 1952.
In 2017, in its real-time ranking of the wealthiest people in Brazil, Forbes ranked him the 31st with a personal net worth of $1.5 billion.
Klein and his family reside in Alphaville, a gated community situated in São Paulo.
Klein graduated with a degree in Business Administration from Paes de Barros University, and completed his post-graduate studies at the Getulio Vargas Foundation. In 1969, he joined Casas Bahia as a Financial Manager. In 2009, Klein became CEO of the company after his father retired in Brazil. In 2010, he was elected Chairman of the Board of Directors of Via Varejo. His son, Raphael Oscar Klein, has served as a Member of the Board of Directors of Via Varejo.
In May 2013, it was announced that the Klein family, which owned 47% of Via Varejo, was planning to sell 16% of their stake in the company. In September 2013, Klein transferred 17.6 million of his shares of Via Varejo to his children, and as a result, his stake in the company has been reduced from 21.9% to 18%. 53.7 million common shares of the family's stake began trading on December 16, 2013. Via Varejo raised R$ 2.845 billion through a public offering of shares. Three quarters of the amount raised went to the Klein family, while the rest went to GPA. Ownership of the company has changed to GPA with 43.3%, the Klein family with 27.3%, and minority shareholders with 29.3%.
In June 2014, Cnova, a global e-commerce company with a total gross merchandise volume of $4.9 billion, was created through a joint venture between Casino, GPA, Via Varejo and Exito. Cnova will be directly owned 46.5% by Casino (including its subsidiary Exito) and 53.5% indirectly by GPA, Via Varejo and certain founding shareholders of Nova Pontocom. The Klein family hold a 5.98% stake in Cnova, which owns and operates the following online stores: Extra.com.br, Casasbahia.com.br, Pontofrio.com, Cdiscount.com.br, Barateiro.com, Pontofrio Atacado, and eHub.com.br.
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