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Bank executives highlight that Ribeiro, who has worked at the bank for over 30 years in a minor unit, was not qualified for the position.
Brazil's President Jair Bolsonaro appointed on Thursday Fausto Ribeiro as the new chief executive of Banco do Brasil amid resignations and political turmoil over the replacement of several top officials in recent days.
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The former chairman Helio Magalhaes and board member Jose Guimaraes Monforte filed their resignations hours before the announcement, according to securities filings quoted by Reuters. The executives highlight that Ribeiro, who has worked at the bank for over 30 years in a minor unit, was not qualified for the position.
Brasil | En 24hs se registran 486 muertes por covid19 en Minas Gerais. En la capital, Belo Horizonte, aparecen cuerpos fuera de los hospitales aguardando por el servicio funerario. Los cementerios de São Paulo están trabajando por la noche. @ConexiontlSUR pic.twitter.com/pEvIEvrF4M
— Nacho Lemus (@LemusteleSUR) April 2, 2021
Four of the bank's eight-member board issued a statement remarking the board is entitled to appoint its leader and Bolsonaro's latest move demonstrates the political interference in corporate matters.
Earlier this week the three heads of the armed forces resigned, following several new appointments within Bolsonaro's cabinet. The officials rejected what they called "the politicization of the armed forces."
Brasil | En 24hs se registran 486 muertes por covid19 en Minas Gerais. En la capital, Belo Horizonte, aparecen cuerpos fuera de los hospitales aguardando por el servicio funerario. Los cementerios de São Paulo están trabajando por la noche. @ConexiontlSUR pic.twitter.com/pEvIEvrF4M
— Nacho Lemus (@LemusteleSUR) April 2, 2021
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