SAO PAULO, June 16 (Reuters) - Estácio Participações SA, the Brazilian education firm target of two rival takeover bids, named No. 2 shareholder Chaim Zaher as chief executive officer on Thursday, according to a source with direct knowledge of the situation.
Zaher replaces Rogêrio Frota Melzi at the helm of Rio de Janeiro-based Estácio, said the source, who requested anonymity because the decision remains private. Estácio plans to formally announce Zaher’s appointment in a securities filing around 7 p.m. local time (2200 GMT).
Estácio did not comment. The online edition of Brazilian business magazine Exame first reported Zaher’s appointment. (Reporting by Tatiana Bautzer; Writing by Guillermo Parra-Bernal; Editing by David Gregorio)