Michael Klein (businessman)

Michael Klein
Born 1951 (age 63–64)
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$ 1.3 billion (2015)
Religion Jewish
Children 4
Website
www.grupocb.com.br

Michael Klein (born 1951) is a Brazilian business magnate. 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, Ponto Frio and Nova Pontocom.[1] Michael's father, Samuel Klein, founded Casas Bahia in 1952.

In 2015, Forbes ranked him 1,415th richest person in the world and 41st richest in Brazil with a personal net worth of $1.3 billion.[2]

Klein and his family reside in Alphaville, a gated community situated in São Paulo.[3]

Life and work

Casas Bahia and Via Varejo

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.[4] 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.[1]

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.[5] In September 2013, Klein transferred 17.6 million of his shares of Via Varejo to his children,[6] and as a result, his stake in the company has been reduced from 21.9% to 18%.[7] 53.7 million common shares of the family's stake began trading on December 16, 2013.[8] 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.[9] Ownership of the company has changed to GPA with 43.3%, the Klein family with 27.3%, and minority shareholders with 29.3%.[10]

In August 2014, it was announced that Klein may sell an amount of shares valued at R$3 billion of his stake in Via Varejo.[11]

Grupo CB

In May 2014, BR Properties, a Brazilian real estate investment firm, confirmed it was negotiating a sale of its assets with Klein.[12] In July 2014, Grupo CB, the Klein family's holding company chaired by Michael Klein, purchased a real estate fund from BR Properties for R$606.65 million. The fund includes 26 C&A stores, a Brooksfield store, a Sendas store, a call centre, and offices on Paulista Avenue in downtown São Paulo, totaling 118,000 square meters of commercial space.[13][14] Grupo CB currently holds a real estate portfolio of 430 properties worth R$4.6 billion in total, including stores, industrial warehouses, administrative complexes, offices and distribution centers, totaling over 2 million square meters of commercial space.[15][16]

CBAir, an air taxi company founded by Klein in 2012, has received operational authorization from ANAC in January 2015. The company's fleet includes 3 business jets and 4 helicopters, and 2 hangars in Campo de Marte Airport and Sorocaba Airport.[17][18]

In March 2015, Grupo CB acquired five office properties occupied by Wells Fargo, totaling 1.6 million square feet across four Southern U.S. states.[19]

References

  1. ↑ 1.0 1.1 "Management and Board of Directors", Viavarejo. Retrieved on 26 April 2014.
  2. ↑ "The World's Billionaires List". Forbes. Retrieve 11 March 2015.
  3. ↑ "Brazil's Elites Fly Above Their Fears". The Colombian Post. 3 June 2002. Retrieved 23 June 2013.
  4. ↑ "Michael Klein", Businessweek. Retrieved on 9 September 2013.
  5. ↑ Jelmayer, Rogerio (14 June 2013). "Brazil Durable Goods Retailer Via Varejo Plans Share Offers". The Wall Street Journal. Retrieved 23 June 2013.
  6. ↑ Marinelli, Luciana (9 September 2013). "Família Klein confirma reorganização societária na Via Varejo" (in Portuguese). Valor. Retrieved 9 September 2013.
  7. ↑ Ayres, Marcela (10 September 2013). "Família Klein reorganiza participação societária na Via Varejo" (in Portuguese). Reuters Brasil. Retrieved 11 September 2013.
  8. ↑ "Brazil's Pao de Acucar, Klein family to sell Via Varejo shares". Reuters. 25 November 2013. Retrieved 26 November 2013.
  9. ↑ "Ações da Via Varejo estreiam em alta na Bovespa" (in Portuguese). UOL (São Paulo). 16 December 2013. Retrieved 17 December 2013.
  10. ↑ "Corporate Governance". Via Varejo. Retrieved 13 January 2014.
  11. ↑ Poli, Marcelo (8 August 2014). "Michael Klein pode vender bilhões em ações da Via Varejo" (in Portuguese). Exame (São Paulo). Retrieved 9 August 2014.
  12. ↑ "BR Properties confirma conversas com Michael Klein" (in Portuguese). ISTOÉ Dinheiro. 21 May 2014. Retrieved 26 May 2014.
  13. ↑ Friedlander, David (3 July 2014). "Família Klein, ex-Casas Bahia, compra fundo com 36 imóveis por R$ 606 mi" (in Portuguese). TNOnline. Retrieved 3 July 2014.
  14. ↑ Pavani, Luana (3 July 2014). "Grupo CB compra cotas de fundo da BR Properties". (in Portuguese). Estadao. Retrieved 3 July 2014.
  15. ↑ Barbosa, Daniela (3 July 2014). "Klein compra imóveis do BTG por R$ 418,5 milhões" (in Portuguese). Exame (São Paulo). Retrieved 3 July 2014.
  16. ↑ Oscar, Naina & Scaramuzzo, Scaramuzzo (4 July 2014). "Michael Klein paga R$ 418,5 milhões por imóveis da BR Properties, do BTG" (in Portuguese). MSN. Retrieved 4 July 2014.
  17. ↑ Vaz, Tatiana (20 January 2015). "Empresa de aviação de Michael Klein já pode voar" (in Portuguese). Exame (São Paulo). Retrieved 20 January 2015.
  18. ↑ "Grupo CB - Aviação Executiva" (in Portuguese). Grupo CB. Retrieved 20 January 2015.
  19. ↑ Zanki, Tom (9 March 2015). "Brazilian Trust Wins $95M Financing For Wells Fargo Offices". Law360. Retrieved 11 March 2015.