February 5, 2019 / 1:40 PM / 6 months ago

Brazil's chicken exporter BRF appoints new CFO, shares jump

SAO PAULO, Feb 5 (Reuters) - Brazilian food processor BRF SA appointed former Petrobras Chief Executive Ivan Monteiro as its new chief financial officer, lifting shares of the world’s largest chicken exporter by more than 4 percent.

The move reunites Monteiro with Pedro Parente, a turnaround specialist who served as Petroleo Brasileiro SA CEO for two years and who is now BRF’s chief executive and chairman.

Monteiro worked under Parente as financial and investor relations officer at the state-controlled company, then succeeded Parente when he resigned in June of 2018 amid a contentious truckers’ strike over fuel prices.

Parente was named to the top job at BRF in the middle of last year after the company’s shareholders demanded a management shakeup following a string of bad financial results and the firm’s involvement in a food sector investigation.

Monteiro was replaced at Petrobras by newly elected President Jair Bolsonaro, who took office in January.

BRF shares rose by as much as 4.6 percent to 24.79 reais in mid-morning trading on Monteiro’s appointment, seen as boosting investor confidence the food company can be revived after a probe found evidence that BRF and accredited laboratories were evading food safety checks.

In a statement on Tuesday, BRF said that Monteiro’s appointment as BRF financial vice-president is conditioned on approval by the president’s public ethics committee, since the executive recently served as an executive at a publicly traded state-run company.

Elcio Ito, who was working as BRF financial vice-president and investors relations officer, will step down after a transition period, BRF said. (Reporting by Ana Mano Editing by Nick Zieminski)

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