June 16, 2016 / 9:52 PM / 2 years ago

Brazil's Estacio taps shareholder Chaim Zaher as new CEO

SAO PAULO, June 16 (Reuters) - Brazil’s for-profit education company Estácio Participações SA has tapped No. 2 shareholder Chaim Zaher as the new CEO, replacing Rogério Melzi, the company said in a securities filing, confirming an earlier Reuters report.

The Rio de Janeiro-based company, which is the target of two rival takeover bids, has decided to reduce the number of executive posts to five from seven, the filing said. Melzi and director Virgílio Gibbon are leaving the company. (Reporting by Guillermo Parra-Bernal; Editing by Sandra Maler)

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