March 17, 2020 / 11:47 AM / in 14 days

UPDATE 1-Brazil meatpacker Marfrig unveils new CEO, announces share buyback plan

(Adds new CEO detail)

BRASILIA, March 17 (Reuters) - Brazilian meatpacker Marfrig has elected a new chief executive officer and plans to buy back up to 5.91 million of its own shares, it said in two separate securities filings.

In a filing late on Monday, the company said 61-year old Miguel de Souza Gularte, who has headed up beef operations in Brazil and South America since 2018, replaces Jose Eduardo de Oliveira Miron as CEO.

In a separate filing early on Tuesday, the company said it plans a share buyback program of up to 5.91 million shares, which represents 0.83% of the company’s total shares and 1.45% of its free-float.

The operation will be carried out in a single transaction or a series of transactions over the next 18 months, it said. (Reporting by Jamie McGeever, editing by Louise Heavens)

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