Board members of Brazil’s Eletrobras resign to allow privatization overhaul

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BRASILIA — Brazilian power utility Eletrobras said on late Saturday that all but one of its board members had submitted their resignations, opening the door to an overhaul of the company that was privatized in a share offering this month.

Chief Executive Rodrigo Limp submitted his resignation from the board, but remains in charge of the company’s management, according to a securities filing. Carlos Eduardo Pereira, who represents Eletrobras employees, was the only board member who did not submit his resignation.

The exiting board members will remain in place until new board members take over after their election at an extraordinary shareholder meeting, Eletrobras said.

Eletrobras privatization raised 29.3 billion reais ($5.69 billion) earlier this month.

The operation represented Brazil’s first major privatization under President Jair Bolsonaro, who had delivered few of the state asset sales he pledged before taking office in 2019. ($1 = 5.1530 reais)

(Reporting by Marcela Ayres; Editing by Lisa Shumaker)

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