RIO DE JANEIRO Dec 31 BB Seguridade
Participações SA, the insurance unit of Brazil's
state-controlled lender Banco do Brasil SA, said in a securities
filing that its board on Friday elected Jose Mauricio Pereira
Coelho as its new chief executive officer.
The 50-year-old Coelho, until now the chief financial
officer of Banco do Brasil itself, takes the helm at
a time when BB Seguridade is struggling with a
difficult outlook for insurers amid a deep recession in Brazil.
In the filing, released late on Friday, BB Seguridade said
that Coelho's predecessor as chief executive, 45-year-old
Marcelo Augusto Dutra Labuto, would assume the role of chairman
of BB Seguridade's board.
Both executives are veterans of various Banco do Brasil
operations, with Coelho, a bank employee for 29 years,
previously serving in roles including managing director of
finance and managing director of capital markets.
(Reporting by Paulo Prada Editing by W Simon)