RIO DE JANEIRO, Dec 31 (Reuters) - 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