Havaianas-maker Alpargatas picks Mondelez executive as new CEO

Brazil’s Alpargatas, the owner of the flip-flop brand Havaianas, said on Wednesday its board had elected Liel Miranda to take over as the firm’s CEO, as the company tries to turn its business around after a string of poor quarters.

The incoming boss will start in February and “play an important role in continuing the transformation process that began in 2023, with a focus on simplification and efficiency,” the shoemaker said in a statement.

The company has reported weak sales and thin margins in recent quarters, as well as a wobbly expansion into international markets.

Miranda is the current head of the Brazilian unit of snack maker Mondelez International. Prior to that he led cigarette company Souza Cruz, owned by British American Tobacco.

In his new role, he will replace Luiz Fernando Edmond, who has held the position on an interim basis since former CEO Roberto Funari departed in April. Edmond will remain on the company’s board.

Citi analysts welcomed the news, saying that the lack of a definitive CEO during a challenging turnaround had been a key driver of market skepticism about the firm.

“That said, we still believe the challenge is complex; not only does ALPA need to reduce its complex product portfolio, but it also has to structurally review its sales and operations planning,” they said in a note to clients.