CVC President resigns and will be replaced by former Smiles

The tour operator CVC announced on Thursday (5) that its chief executive, Luiz Fogaça, submitted a request for resignation and that the board of directors of the company approved the appointment of Leonel Andrade to replace him. In a relevant fact, CVC reported that Fogaça will continue in office until March 30. Andrade was president of Smiles, manager of loyalty programs of Gol, the financial Losango and the credicard card flag. The announcement of Fogaça's departure comes days after CVC revealed last weekend that it found evidence of errors in its accounting, which if confirmed could mean significant accounting adjustments in results. It is estimated that the cumulative potential impact of adjustments in the company's net revenue is around R$ 250 million, considering the period from 2015 to 2019. Since the issue came to light, CVC's stock has accumulated a 22% loss in B3.