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Brazil’s Time for Fun is slimming down its board as part of a wider programme of cutbacks in response to the Covid-19 pandemic
By IQ on 24 Jun 2020
Time for Fun (T4F), South America’s largest live entertainment company, is proposing to shrink its board of directors as part of ongoing cost-cutting measures in response to the coronavirus.
T4F, headquartered in Sao Paulo, Brazil, has already accepted the resignations of three directors – Luciano Nogueira Neto, Maurizio de Franciscis and Guilherme Affonso Ferreira – and further proposes to reduce the size of the board at its next shareholders’ meeting on 22 July, according to a market notice issued by the B3-listed company on Monday (22 June).
Fernando Luiz Alterio, vice-president of the board, will continue to fill in as interim chairman until the appointment of a new chair, the company adds.
A programme of cost-cutting was originally implemented at T4F in March, shortly after the postponement of its flagship festival, Lollapalooza Brazil.
Last month, in its Q1 earnings report (which showed initial Covid-19-related losses of R$5.1 million (US$986,200), the promoter outlined further money-saving measures, including a 30% reduction in staff numbers (compared to March), two-month lay-offs for 17% of remaining staff, and the suspension of contracts with suppliers.
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