JBS SA, the world’s largest meat-packer, said Jose Batista Jr. will take over as the company’s interim chief executive officer as his brother Wesley Batista temporarily steps down amid a probe by Brazilian police into investments made by state-run pension funds.
Batista Jr. was the company’s top executive for 20 years and has a deep knowledge of the business, JBS said in a statement Tuesday. Jose Batista Sobrinho, the patriarch of the clan, has been appointed to take over as chairman, a position currently held by another son, Joesley Batista.
Last week, JBS’s bonds and shares tumbled amid reports the executives would have to step down after Wesley gave testimony in the investigation as the police raided the offices of parent company J&F Investimentos and its pulp producer, Eldorado Brasil Celulose SA. Two of the pension funds being investigated invested 550 million reais ($167 million) in Eldorado in 2009 and owned a stake valued at 3 billion reais as of December, J&F said at the time. It also said that company executives are cooperating with police.
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