(Adds changes to VP positions at Banco do Brasil)
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, like most banks and
insurers, is struggling with a difficult outlook for financial
companies 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.
Separately, Banco do Brasil in a statement said that Labuto
will also take the role of vice president of retail businesses
at the bank, which continues to restructure following a
cost-cutting program that included branch closures and offering
early retirement to about 9000 employees.
The bank also named new vice presidents to head four other
Márcio Hamilton Ferreira will lead internal controls and
risk management, while Alberto Monteiro de Queiroz Netto will
head financial management and investor relations. José Eduardo
Pereira Filho becomes vice president for government affairs and
Walter Malieni Júnior will manage retail distribution and human
(Reporting by Pedro Fonseca. Editing by W Simon and Nick