In a statement on Tuesday, Brazilian retail veteran Michael Klein expressed his intention to reclaim his role as chairman of Casas Bahia, the retail chain his father established in the 1950s. Klein acquired a 10.4% stake in the company and urged for a shareholders' meeting to vote out Renato Nascimento from the chairman position and appoint himself instead, according to the company's statement and securities filings. While acknowledging the current financial efforts of the company, Klein emphasized the need for strategic leadership to adapt the traditional retail model to meet the evolving consumer market demands. With over 1,000 stores across Brazil, Klein believes his experience and historical role within the company justify his return to the board.