Brazilian operator Oi has replaced its CEO Francisco Valim with its chairman Jose Mauro Carneiro da Cunha taking over on an interim basis.
An Oi spokesperson confirmed the departure but declined to comment further.
Cunha had been in the position of Oi…
Brazilian operator Oi has replaced its CEO Francisco Valim with its chairman Jose Mauro Carneiro da Cunha taking over on an interim basis.
An Oi spokesperson confirmed the departure but declined to comment further.
Cunha had been in the position of Oi CEO previously on an interim basis, prior to Valim’s appointment less than two years ago.
Jose Augusto da Gama Figueira will temporarily assume Cunha’s role of chairman.
The outgoing CEO joined Oi in June 2011 after working for the credit ratings consultants Experian as their president of operations in EMEA and Latin America.
He had previously worked as Oi’s CFO.
Oi’s share price dropped following the news and traded around R$9.09 (US$4.44) during local morning hours, 5.5% below its opening price.
