July 2, 2019 / 11:56 AM / 3 months ago

Brazilian telecom Oi taps former TIM exec for CEO spot -paper

RIO DE JANEIRO, July 2 (Reuters) - The board of Brazilian telecoms firm Oi SA has approved the former head of competitor TIM Participacoes SA as its new chief executive, newspaper O Globo reported late on Monday.

Rodrigo Abreu is set to take over the top spot from current CEO Eurico Teles in December, O Globo said, without saying how it got its information. As the company is currently undergoing an in-court bankruptcy recovery process, the name will have to be approved by a judge in Rio de Janeiro, the paper said.

According to his LinkedIn profile, Abreu has been an Oi board member since September 2018, and he served as chief executive of TIM Participacoes, the local unit of Telecom Italia SpA, from 2013 to 2016.

Representatives for Oi did not immediately respond to a request for comment.

The company, Brazil’s largest fixed line operator, is recovering from a messy and protracted bankruptcy recovery process and is currently investing in high-speed broadband and data in a bid to return to profitability.

Reporting by Gram Slattery Editing by Chizu Nomiyama

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