October 20, 2017 / 1:31 PM / 2 years ago

Brazil's Cemig fires business development director, sources say

SAO PAULO, Oct 20 (Reuters) - Brazilian state-run electricity company Companhia Energética de Minas Gerais SA has dismissed its business development director, two sources with knowledge of the matter told Reuters.

Cesar Vaz Fernandes’s exit will be followed by management changes that will affect at least two other top executives, one of the sources said.

Fernandes declined to comment. Cemig, as the company is known, did not have an immediate comment.

The reshuffle is gradual and will likely culminate with the ousting of Cemig’s Chief Executive Officer Bernardo Alvarenga, one of the sources said. Luiz Fernando Paroli, currently at the helm of Cemig-controlled Light Serviços de Eletricidade SA, will likely replace him, the source said.

The CEO replacement is expected to happen in late November or by early December, the source said.

Last month, Reuters reported that the No. 1 shareholder in Cemig had decided to oust Alvarenga and three senior executives after the power utility lost dam contracts and took too long to shed assets. The move should speed up Cemig’s pending asset sales, sources said at the time. (Reporting by Luciano Costa; Writing by Ana Mano; Editing by Bernadette Baum)

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