Armando Almeida has been confirmed as the new chairman of PT Portugal, the Portuguese unit of Portugal Telecom (PT) and Oi’s new, Brazil-based combined business.
Almeida was officially appointed to the role on 5 August, Oi said in a short statement on…
Armando Almeida has been confirmed as the new chairman of PT Portugal, the Portuguese unit of Portugal Telecom (PT) and Oi’s new, Brazil-based combined business.
Almeida was officially appointed to the role on 5 August, Oi said in a short statement on Friday.
He replaces Zeinal Bava, who became CEO of Oi in June 2013 and will head up the merged company in Brazil. Bava was previously CEO of the Portuguese incumbent.
Last Friday, Bava’s successor at PT, Henrique Granadeiro, resigned following Rioforte’s default on a debt repayment to the telco which forced it to accept a lower stake in the merged company.
Rioforte, a holding company of the troubled Espirito Santo group, whose banking unit Banco Espirito Santo (BES) is set to be bailed out, missed a mid-July deadline to repay €847m (US$1.1bn) of commercial paper owed to PT, resulting in the telco’s stake in the Oi merger falling from 37.4% to 25.6%. Under a new arrangement, PT will have the option to later buy more shares to take its stake to where it would have been.
No successor to Granadeiro has yet been named, however, PT has scheduled a shareholder meeting on 8 September to discuss the merger.
