The retail giant announced former Unilever executive Daniel Martins dos Santos as its new chief financial officer.

Martins, who has extensive experience in the consumer goods sector, will hold both the position of CFO and of investor relations officer. An interim director had occupied the role since former CFO Alvaro Fontes resigned last November.

At the same time the appointment was announced, Renner said it was initiating a buyback programme of up to 18 million shares, which could be worth around 500 million Brazilian reais ($92.1 million).

Lojas Renner SA was founded in 1965 in Porto Alegre. Today the company operates more than 600 stores in Brazil, Argentina and Uruguay. Its brands include clothing and accessories label, Renner, home and decor player, Camicado, youth fashion brand, Youcom, and plus-size label, Ashua.

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Brazilian apparel retailer Lojas Renner is preparing to launch a roughly 4.5 billion reais ($806 million) share offering.