July 25, 2020 / 5:16 AM / 15 days ago

Banco do Brasil CEO to step down in August

Banco do Brasil headquarters building is seen in Brasilia, Brazil October 29, 2019. REUTERS/Adriano Machado/Files

(Reuters) - The chief executive of state-controlled lender Banco do Brasil SA, Rubem de Freitas Novaes, has tendered his resignation, effective in August, the bank said in a securities filing on Friday.

Novaes gave his resignation under the “understanding that the company needs renewal to confront coming times with many innovations in the banking system.”

The statement did not name a replacement.

Novaes, a 74-year-old University of Chicago-trained economist, was appointed by far-right President Jair Bolsonaro.

Since taking the helm of the bank in January 2019, Novaes has been arguing that Banco do Brasil should be privatized in order to better compete with its private peers. Bolsonaro rejects the idea.

Reporting by Gram Slattery and Carolina Mandl; Editing by Sandra Maler and Leslie Adler

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