Economy

JBS board appoints founder Batista as CEO

JBS board appoints founder Batista as CEO”

JBS SA's board voted on September 17 to name company founder José Batista Sobrinho as the chief executive officer, following a week of turmoil for the business named for his initials.

"I am proud to resume leadership of the company we successfully established in 1953", said Batista Sobrinho in a statement. The team includes Gilberto Tomazoni, global president of operations; André Nogueira, president of JBS USA; and Wesley Batista Filho, who now leads the beef division of JBS USA.

Gilberto Tomazoni, global president of operations, joined JBS in 2013 and has over 30 years in leadership positions in the food sector.

Joesley Batista, a son of José and one of the brothers who controls JBS, is in detention after recordings suggested he tried to take advantage of prosecutors and hide details during negotiations that led to a May plea deal.

André Nogueira has been at the company since 2007. Batista Filho has held several leadership positions at JBS in five countries since 2010. "The selection of a new CFO will be an important step in strengthening the company's governance", says Farahat.

JBS said the board also approved the appointment of Aguinaldo Gomes Ramos Filho, an executive with experience in JBS's operations in Brazil, Uruguay and Paraguay, as a full member to replace Wesley Batista.

Police investigated the role played by Wesley, 47, and his younger brother Joesley in suspected insider trading ahead of a plea bargain deal with prosecutors.

BNDES Participações SA, the bank's investment arm and holder of a 21 percent stake in JBS, had pushed in recent weeks to remove Wesley Batista as CEO, with the support of other minority shareholders. That pressure increased after Wesley Batista's arrest on Wednesday.

Stock prices for JBS have fallen 4.4% since the announcement in leadership change was made with prices going to 8.46 real.



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