Brazil’s Eletrobras brings back former CEO and elects new chairman

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SAO PAULO — The board of directors of Brazilian power company Eletrobras on Friday elected Wilson Ferreira Junior as its new chief executive and Ivan Monteiro as chairman of the board of directors.

The elections follow shareholders’ appointment of a new board of directors for the newly privatized utility earlier on Friday.

Ferreira will take office by Sept. 20, returning to the position after serving as Eletrobras’ CEO from 2016 to 2021.

Monteiro is a former CEO of state oil firm Petrobras.

The leadership changes mark a new beginning for Latin America’s largest utility, after the government cut its stake in the company to 45% from 72% of the voting capital through a 33.68 billion-real ($6.51 billion) privatization share offering. (Reporting by Gabriel Araujo; Writing by Brendan O’Boyle; Editing by Kim Coghill)

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