Brazil’s Eletrobras brings back former CEO Ferreira, elects new chairman

An individual walks previous in entrance of the headquarters of Brazil’s energy firm Eletrobras in Rio de Janeiro, Brazil January 3, 2019. REUTERS/Pilar Olivares

SAO PAULO, Aug 5 (Reuters) – The brand new board of administrators of Brazilian energy firm Eletrobras (ELET6.SA) on Friday selected former CEO Wilson Ferreira Junior to return to the job and elected former Petrobras CEO Ivan Monteiro as chairman of the board of administrators, the corporate mentioned in an announcement.

Shareholders additionally appointed a brand new board of administrators for the newly privatized utility on Friday. learn extra

Ferreira will take workplace by Sept. 20, returning to the place after serving as Eletrobras’ CEO from 2016 to 2021.

Outgoing CEO Rodrigo Limp will keep within the firm as rules head.

Ferreira had left Centrais Eletricas Brasileiras SA, as Eletrobras is formally recognized, in early 2021, after seeing the corporate’s privatization bid lose traction, saying on the time that the method had been delayed by the pandemic and stalled in Congress.

The federal government, nonetheless, did handle to denationalise Latin America’s largest utility earlier this 12 months in a 33.68 billion-real ($6.5 billion) deal that paved the way in which for Ferreira’s return to his previous job.

The transfer represents a brand new starting for Ferreira, who first took the reins of Eletrobras in 2016, appointed by former President Michel Temer to miss the privatization course of from its first steps.

He retained the place below President Jair Bolsonaro, however left the ability big final 12 months to guide gasoline distributor Vibra Energia SA (VBBR3.SA) as he felt the privatization bid wouldn’t achieve success.

Rumors of his return to Eletrobras had circulated since he resigned his place at Vibra final month. learn extra

“Markets ought to see it as constructive,” Credit score Suisse mentioned final month. “(Ferreira) was CEO from 2016-2021 and began the turnaround of the corporate, so implementation of a brand new effectivity plan may very well be sooner.”

Reporting by Gabriel Araujo; Writing by Gabriel Araujo and Brendan O’Boyle; Enhancing by Kim Coghill

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