Vulcabras CEO Exits, Patria Deal Off

Brazilian shoemaker Vulcabras and private equity firm Patria Investimentos have dissolved an agreement to negotiate an equity investment, Vulcabras says, by mutual agreement. The two had started talking about a possible deal in May. Also, Vulcabras’ CEO Milto Cardoso dos Santos has resigned, for personal reasons. He is replaced as CEO in the interim by Chairman Pedro Bartelle.