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Bolsonaro confirms Ribeiro as Banco do Brasil CEO; chairman resigns By Carolina Mandl
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
SAO PAULO (Reuters) -Brazilian President Jair Bolsonaro swore in Fausto Ribeiro as chief executive of Banco do Brasil SA on Thursday, according to a securities filing, just hours after the bank’s chairman and a second board member announced their resignations after criticizing Ribeiro’s appointment.
The swearing in of Ribeiro marked Bolsonaro’s latest political intervention in a state-controlled company. Ribeiro, 53, has been the head of a small business unit at Banco do Brasil since September but has been at the bank for more than three decades. As CEO, Ribeiro will manage executives who are now his bosses.
LimaPeruBrazilPaulo-roberto-evangelistaJose-guimaraes-monforteBernadette-baumFausto-ribeiroLuiz-spinolaJair-bolsonaroBanco-do-brasilReutersPresident-jair-bolsonaro2 Min Read
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, Brazil, March 24, 2020. REUTERS/Amanda Perobelli/File Photo
SAO PAULO (Reuters) - Banco do Brasil SA’s board members argued in a public statement on Thursday that President Jair Bolsonaro’s nominee to take over the state-controlled bank was not ready for the job and that the board should have the power to appoint its leader.
Currently, Brazil’s far-right President Jair Bolsonaro is entitled to nominate the chief executive, leaving its board of directors little say, in a deviation of corporate governance best practices.
LimaPeruBrazilPaulo-roberto-evangelistaJose-guimaraes-monforteBernadette-baumFausto-ribeiroLuiz-spinolaJair-bolsonaroThomson-reuters-trust-principlesBanco-do-brasilReuters