Brazilian retailer Americanas SA has chosen longtime banking executive Sergio Rial to be its next chief executive, effective 1 January, replacing Miguel Gutierrez, who has held the post for more than two decades, reported Reuters.

Rial, who served as CEO of lender Santander Brasil for roughly six years, remains the bank's chairman. He has also been chairman of fuel distributor Vibra Energia since April.

Rial was named vice-chairman of poultry producer BRF's board in March.

The move to name him CEO "reinforces the company's growth with profitability strategy," Americanas said in a securities filing.

There is no information yet on whether Rial will leave any of his other positions.