Content ID

333005

UPDATE 1-Brazil's BRF CEO resigns, to be replaced by Marfrig executive

(Adds details, context)

SAO PAULO, Aug 30 (Reuters) - Brazilian food processor BRF SA said on Tuesday that its chief executive Lorival Luz has resigned and will be replaced by Miguel Gularte, formerly a top executive at meatpacker Marfrig Global Foods SA .

Marfrig owns 33.27% of BRF.

The announcement comes after BRF reported a wider-than-expected loss in the second quarter, which was partly attributed by management to nonrecurring events.

BRF, owner of well known brands Sadia and Perdigao in Brazil, has been reeling from high cost inflation. It makes most of its sales in the domestic market, unlike rivals such as JBS and Marfrig itself.

Gularte was chief executive of Marfrig until today's announcement. Marfrig more than doubled profit in the second quarter thanks to the strength of its U.S. beef business.

At Marfrig, Gularte will be replaced by Rui Mendonça, the company said in a separate statement. (Reporting by Gabriel Araujo and Ana Mano; Editing by Kirsten Donovan)

© Copyright Thomson Reuters 2022. Click For Restrictions - http://about.reuters.com/fulllegal.asp

Read more about
Loading...

Talk in Marketing