Abílio dos Santos Diniz, a well-known Brazilian businessman and billionaire, is the former chairman of Grupo Pão de Açúcar (Companhia Brasileira de Distribuiçao). His wealth comes largely from his influential role in the rise of Grupo Pão de Açúcar. He is one of the wealthiest persons in Brazil with an estimated personal net worth of $4.4 billion in 2015, an increase from $3.7 billion in 2014; Forbes ranked him as the 9th wealthiest person in Brazil and the 369th richest individual in the world.
In his youth, Abilio was a champion race car driver who won the 1970 Mil Mihas Brasil race with Alcides, his brother. His own son, Pedro Diniz, is a former Formula One driver; he largely provided the funds for his own son’s career while also tapping into his own sponsorship connections.
Abilio’s father, Valentim, established Pão de Açúcar that later became Companhia Brasileira de Distribuiçao, a major retailer in Brazil. In 2002, Abilio stepped down as chief executive officer after selling a large stake of Grupo Pão de Açúcar to Casino Group, a French company; he remained as the company’s chairman.
In 2009, Grupo Pão de Açúcar purchased Casas Bahia, which gave Abilio control over Grupo Pão de Açúcar, Casas Bahia, Extra Hipermercados, and Ponto Frio. By 2012, however, Abilio may have remained as chairman of Grupo Pão de Açúcar but he was divested of all operational functions; Casino Group controlled the company at this time.
In April 2013, Abilio became the chairman of BRF and stepped down as Grupo Pão de Açúcar’s chairman by September 2013.
Abilio had his own share of controversies and challenges in life. He was once involved in a criminal investigation conducted by the Federal Public Ministry of Brazil. He was also kidnapped and kept for six days in an underground room; it was political kidnapping that happened a day before the presidential elections.
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