May 3, 2018 / 12:23 AM / 7 months ago

Brazil utility Cemig elects new board members -filing

RIO DE JANEIRO, May 2 (Reuters) - Companhia Energetica de Minas Gerais SA has announced changes to its board of directors, Cemig, as the electricity utility is known, said in a securities filing on Wednesday.

Adézio de Almeida Lima and Marco Antônio Soares da Cunha Castello Branco were elected respectively as chairman and vice-chairman to serve a fresh three-year term, the filing said.

The move comes amid efforts to speed up an asset sale program designed to reduce debt.

Divestments have lagged under the current chief executive, Bernardo Salomão Alvarenga, sources told Reuters referring to plans to sell 8 billion reais ($2.25 billion) worth of assets.

According to the filing, the board approved maintaining current directors in their roles, including Alvarenga. ($1 = 3.5511 reais) (Reporting by Marta Nogueira Writing by Ana Mano; editing by Diane Craft)

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