November 6, 2018 / 12:57 PM / a month ago

Brazil's BRF approves bylaw change extending Parente in both top jobs

SAO PAULO, Nov 6 (Reuters) - Brazilian food company BRF SA’s shareholders approved changes to its bylaws to allow Pedro Parente to hold the dual roles of chairman and chief executive officer until the middle of next year as he implements a restructuring.

In a securities filing on Tuesday, the company said the amended articles of the bylaws will now permit the same person to hold both jobs for one year, an extension from a 180-day limit, according to the filing.

In April Parente, who was previously CEO of state-run oil company Petroleo Brasileiro SA, was named BRF’s chairman after a management shakeup sparked by a string of bad financial and operational results. He was named CEO in June.

Last month BRF said Parente, a turnaround specialist, would step down from the top job in mid-2019 but would stay as executive chairman. His successor will be the current chief operating officer, Lorival Luz, BRF said. (Reporting by Paula Laier and Ana Mano; Writing by Ana Mano; Editing by Jeffrey Benkoe)

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