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Michael KleinBrazilian tycoon
Country:
 Brazil |
Content:
- Michael Klein - Brazilian Magnate and Businessman
- Early Life and Education
- Career
- Other Ventures
- Personal Life
Michael Klein - Brazilian Magnate and Businessman
Michael Klein is a prominent Brazilian businessman and the CEO of the Brazilian department store chain 'Casas Bahia'. He is also a member of the board of directors of 'Via Varejo', the parent company of 'Casas Bahia', 'Ponto Frio', and 'Nova Pontocom'. According to Forbes magazine, Klein was ranked 1415th on the list of the world's richest people and 41st on the list of the wealthiest Brazilians in 2015, with a personal fortune of $1.3 billion.
Early Life and Education
Michael Klein was born in 1951. His father, Samuel Klein, founded the company 'Casas Bahia' a year later. Michael completed his degree in Business Administration from Paes de Barros University and pursued his postgraduate studies at Getulio Vargas Foundation.
Career
In 1969, Michael joined his father's company as a financial manager. In 2009, he became the CEO of 'Casas Bahia' after his father retired. In 2010, Klein became the chairman of the board of directors of 'Via Varejo'. His son, Rafael Oscar Klein, also served as a member of the board of directors of 'Via Varejo'.
In May 2013, it was announced that the Klein family, who owned 47% of 'Via Varejo', planned to sell 16% of their shares. In September 2013, Michael transferred 17.6 million of his 'Via Varejo' shares to his children, reducing his stake in the company from 21.9% to 18%. The family's ordinary shares, totaling 53.7 million, were put up for sale on December 16, 2013. The public offering of shares raised 2.845 billion Brazilian reals for 'Via Varejo', with three-quarters of the amount going to the Klein family and the remainder to Brazil's largest company, GPA. As a result, GPA acquired a 43.3% stake in 'Via Varejo', the Klein family retained 27.4%, and minority shareholders held 29.3%.
In August 2014, it was reported that Klein was considering selling 3 billion Brazilian reals worth of shares from his stake in 'Via Varejo'. In May 2014, Brazilian real estate investment firm 'BR Properties' confirmed that it was negotiating the sale of assets with Klein. In July 2014, 'Grupo CB', the holding company led by Michael, acquired a real estate fund from 'BR Properties' for 606.65 million Brazilian reals. The fund included 26 stores, such as 'C&A', 'Brooksfield', 'Sendas', a call center, and offices on Paulista Avenue in downtown São Paulo, covering a total area of 118,000 square meters for commercial purposes. Currently, 'Grupo CB' owns a portfolio of 430 properties worth a total of 4.6 billion Brazilian reals, including stores, warehouses, office buildings, and distribution centers spanning over 2 million square meters of commercial space.
Other Ventures
In 2012, Klein founded the air taxi service 'CBAir'. The company received operational clearance from the Brazilian National Civil Aviation Agency (ANAC) in January 2015. 'CBAir' operates three business jets, four helicopters, and two hangars at Camp De Marti Airport and Sorocab Airport. In March 2015, 'Grupo CB' acquired five office sites, previously occupied by Wells Fargo, with a total area of 1.6 million square feet in four southern states of the United States.
Personal Life
Klein practices Judaism and has four children. His family resides in the gated community of Alphaville, located in São Paulo.
