BRF SA: Executives resign

Executives resign

José Alexandre Carneiro Borges resigned from the company
José Alexandre Carneiro Borges resigned from the company

BRAZIL, Sao Paulo. José Alexandre Carneiro Borges, CFO and investor relations officer for BRF SA, resigned from the company after a disappointing fourth-quarter financial performance.

In a regulatory filing, BRF said, “The Board decided that Mr. Pedro de Andrade Faria will temporarily cumulate the position of Investor Relations Officer and Global Chief Executive Officer. In addition, Mr. Elcio Mitsuhiro Ito will temporarily be the head of the Finance area.”

Also resigning from the company is Rodrigo Reghini Vieira, who served as the company’s marketing director.

Net operating revenues for the quarter totaled $2.76 bn, an increase of 1% over the third quarter of 2016. Gross profit declined 10.1% quarter-on-quarter to $0.54 bn, while gross margin was 2.2% points below the preceding quarter at 19.7%, the company reported.

EBITDA for the period was down 36.9% quarter-on-quarter, while the EBITDA margin was 6.5%, 3.9% points below the third quarter of 2016.

BRF said the company is focused on the development of its management model, which will be shared with the market and shareholders by the end of this month.



Source: BRF SA


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