Esporte Banco do Brasil fund veteran and CFO retires in leadership reshuffle

Esporte Banco do Brasil fund veteran and CFO retires in leadership reshuffle

Esporte

Carlos André, Banco do Brasil’s chief financial officer (CFO) and the former head of its $217bn asset management business, is retiring after more than 37 years in the industry.

André was appointed the Brazilian banking giant’s CFO in November last year after serving for two years as chief executive of its asset management arm BB DTVM. He also served as the asset manager’s chief investment officer between 2009 and 2018, according to the bank.

The bank has appointed Jose Ricardo Fagonde Forni, Banco do Brasil’s current supply, infrastructure and assets officer, to take over as CFO.

Fagonde Forini has been with the firm since 1986 and has held a number of senior posts within its BB DTVM unit, according to a regulatory filing published earlier this month.

Additionally, Banco do Brasil’s chief corporate officer Mauro Ribeiro Neto will step down from his post on Friday ‘for personal reasons’. Neto is being replaced by its chief governance officer Ênio Mathias Ferreira, according to the filing.

The exits are part of an executive leadership reshuffle being carried out by Banco do Brasil’s recently appointed chief executive officer Fausto Ribeiro. Ribeiro was sworn in as the state-owned bank’s new chief executive officer at the start of the month by Brazilian President Jair Bolsonaro.

Bolsonaro ousted Ribeiro’s predecessor Andre Brandao at the end of March following disagreements over cost-cutting measures Brandao was planning to implement such as branch closures and staff cuts, according to reports.

Following his appointment, Ribeiro said he was planning to replace six of the group’s seven deputies, leaving only the firm’s head of retail business Carlos Motta. The bank has backed up Ribeiro’s plan saying he has ‘the right to form his own team.’ André and Neto are the first executives to exit under Ribeiro’s new regime.

Throughout the month of April, a number of Banco do Brasil’s board members have resigned in protest against Bolsonaro’s actions and Brandao’s appointment, who critics have argued lacks the experience to head the firm.

The shakeup in leadership also comes as at least five international asset managers – which include UBS, BlackRock, Franklin Templeton and Principal Financial Group – are vying for a controlling stake in Banco do Brasil’s asset manager BB DTVM.

Negotiations over the sale of BB DTVM have been ongoing since at least 2019 but Brandao’s appointment has cast doubt over whether any sale will now go through.

A spokesperson for the firm did not immediately respond to a request for comment over the changes in its leadership.

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