Aliansce Shopping Centers SA named Rafael Sales as its new CEO, succeeding founder and CEO Renato Rique, who will assume the executive chairman role.

Sales served as a partner and portfolio manager at Constellation Asset Management for more than 10 years before becoming an executive at Aliansce. Sales was concurrently an independent member of Aliansce's board for three years, according to a release by the Brazilian mall developer and shopping mall manager.

The appointment concludes a leadership succession plan that started in May 2017.