November 12, 2019 / 8:44 PM / a month ago

Brazil's Eletrobras to reduce staff after privatization: CEO

FILE PHOTO: Eletrobras CEO Wilson Ferreira speaks during the Credit Suisse Latin America conference in Sao Paulo, Brazil January 29, 2019. REUTERS/Amanda Perobelli/File Photo

RIO DE JANEIRO (Reuters) - Brazil state-run utility firm Centrais Eletricas Brasileiras SA (ELET6.SA) plans to increase investments and reduce its staff to 10,000 employees, from 13,700, as part of its proposed privatization, its chief executive said on Tuesday.

CEO Wilson Ferreira Jr. said the company, Latin America’s largest power company commonly known as Eletrobras, is expected to reduce staff numbers to 12,000 by May, out of which 2,000 will then be allocated to the state-run operation comprised of Itaipu and Eletronuclear.

On Nov. 5, Brazil’s President Jair Bolsonaro signed a bill to end state control over Eletrobras, one of his biggest privatizations yet.

Ferreira Jr. said the power company plans to invest between 3 billion and 4 billion reais in 2020, up from 2.5 billion reais in 2019.

Reporting by Rodrigo Viga Gaier; Writing by Gabriela Mello; Editing by Sandra Maler and Nick Zieminski

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