GPA BMFBOVESPA:PCAR3 shares fall about 5% on Friday after the Brazilian food retailer said its Chief Financial Officer Rafael Russowsky had resigned.
** Alexandre Santoro, who was announced this week as GPA's new CEO, will also serve as CFO on an interim basis.
** JPMorgan analysts say the change is negative, noting Russowsky was spearheading GPA's de-leveraging program and that the firm "continues to carry high leverage levels".
** They also say Santoro will take the CFO job "with limited time in the company, and in the middle of a new wave of cost-cutting initiatives, potentially putting execution at risk".
** Shares in GPA fall 4.8% to 3.79 reais ($0.71) in afternoon trade, leading losses on Brazil's benchmark stock index Bovespa BMFBOVESPA:IBOV, which rises some 0.6%.
** GPA shares fell to 3.71 reais earlier in the session.
($1 = 5.3651 reais)