Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Bolsonaro's govt to replace key Banco do Brasil board members

Stock Markets Mar 29, 2021 11:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A man wearing a protective face mask and gloves walks in front of Banco do Brasil (Bank of Brazil) during the coronavirus disease (COVID-19) outbreak in Sao Paulo
 
C
-1.70%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AXP
-2.09%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

SAO PAULO (Reuters) - The Brazilian government nominated three new board members at state-controlled lender Banco do Brasil, according to a Monday filing, after Andre Brandao quit as chief executive earlier this month under pressure from President Jair Bolsonaro.

Chairman Helio Magalhaes and current board members Brandao, Jose Monforte and Fabio Barbosa are not among the names proposed to shareholders by the government. They all had been appointed by Economy Minister Paulo Guedes.

Brandao resigned after Bolsonaro disagreed with cost-cutting measures taken by the CEO, such as the closure of some branches and an employee buyout program.

Bolsonaro named Fausto Ribeiro, currently the CEO of a small business unit of Banco do Brasil, to replace Brandao on March 18. The new CEO's appointment is still conditional on approval by the bank's human resources committee and an official nomination by Bolsonaro.

Ribeiro's appointment was opposed by several existing board's members. Still, it is not clear whether the four outgoing directors decided not to apply for a renewal of their mandate or if the government pushed them out.

Two former Banco do Brasil executives, Aramis de Andrade and Walter Ribeiro, have been designated to replace two of the outgoing directors. Ieda Cagni, a civil servant at the Office of the General Counsel to the National Treasury, has been named to take the third vacant board seat.

If Fausto Ribeiro is approved as CEO, he will also become a board member.

The appointments contrast with Guedes' idea of nominating independent members with experience outside the government to state-controlled companies.

Magalhaes, for instance, previously headed the Brazilian units of Citigroup Inc (NYSE:C) and American Express Co (NYSE:AXP).

Bolsonaro's govt to replace key Banco do Brasil board members
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email