Netshoes Limited Announces Discontinuation of Current B2B Operations; Announces Election of New Director and Senior Management Changes
Netshoes terminated its commercial agreement with Midway Labs and has filed a lawsuit against them. Netshoes expects to record a provision of about BRL 20 million for Midway receivables that may not be collected.
The company announced that Mr. Andrew Béla Jánszky joined Netshoes as a Class III member of its board of directors and has also been appointed to serve as a member of its Audit, Nominating and Corporate Governance, and Compensation committees. Mr. Jánszky has decades of experience as a corporate finance, capital markets and mergers and acquisitions lawyer. Until November 2016, he was the partner responsible for the Latin America practice of Milbank, Tweed, Hadley & McCloy LLP and managing partner of the firm's São Paulo office. He currently splits his time between Brazil and New York as a corporate finance, governance and anti-corruption consultant. Mr. Jánszky is on the board of directors of Gol Linhas Aéreas Inteligentes S.A. and also serves as a member of the independent investigative committees of CCR S.A., Hypera S.A. and M. Dias Branco S.A. Indústria e Comércio de Alimentos, all companies listed on the Brazilian stock exchange (B3). Mr. André Petenussi has assumed the position of Chief Technology Officer. Mr. Petenussi has been with Netshoes for over two and a half years, leading efforts to continue developing innovative technology that improves the shopping experience of customers.