RIO DE JANEIRO BB Seguridade Participações SA, the insurance unit of Brazil's state-controlled lender Banco do Brasil SA, said in a securities filing that its board on Friday elected Jose Mauricio Pereira Coelho as its new chief executive officer.
The 50-year-old Coelho, until now the chief financial officer of Banco do Brasil itself (BBAS3.SA), takes the helm ata time when BB Seguridade (BBSE3.SA), like most banks and insurers, is struggling with a difficult outlook for financial companies amid a deep recession in Brazil.
In the filing, released late on Friday, BB Seguridade said that Coelho's predecessor as chief executive, 45-year-old Marcelo Augusto Dutra Labuto, would assume the role of chairman of BB Seguridade's board.
Separately, Banco do Brasil in a statement said that Labuto will also take the role of vice president of retail businesses at the bank, which continues to restructure following a cost-cutting program that included branch closures and offering early retirement to about 9000 employees.
The bank also named new vice presidents to head four other departments.
Márcio Hamilton Ferreira will lead internal controls and risk management, while Alberto Monteiro de Queiroz Netto will head financial management and investor relations. José Eduardo Pereira Filho becomes vice president for government affairs and Walter Malieni Júnior will manage retail distribution and human resources.
(Reporting by Pedro Fonseca. Editing by W Simon and Nick Zieminski)