March 14, 2019 / 8:03 PM / a year ago

UPDATE 1-Tereos says CFO and agricultural director leaving Brazil unit

(Adds comments from source, data on local operation)

By Sybille de La Hamaide and Marcelo Teixeira

PARIS/SAO PAULO, March 14 (Reuters) - The chief financial officer and agricultural director of Tereos Sugar and Energy Brazil are leaving the company, a spokesman for French parent Tereos Europe SA said on Thursday, a day after it announced the departure of the group’s CFO.

The spokesman declined to say when CFO Jairo Carolinski and Agriculture Director Jaime Jose Stupiello would be leaving the Brazilian unit or give a reason for their departures.

Tereos said on Wednesday it had reshuffled its management team, including the hiring of a new group CFO and a new head of trade and marketing activities.

The head of Tereos’ operations in Brazil, Jacyr Costa Filho, declined to comment.

A company source close to the unit’s management told Reuters that the agriculture head Stupiello asked to leave to move to the United States where his son is in college.

“He was with the company for 29 years, it is going to be hard to find a replacement with his knowledge and leadership,” the source said, asking for anonymity because he was not authorized to speak about the issue.

In the case of the local CFO, the source said he was offered a job elsewhere and decided to take it, calling it a coincidence that the parent company’s CFO in Europe was also leaving.

Tereos’ Brazilian operation saw its cane processing fall to 17.6 million tonnes in 2018 from 20.2 million tonnes in 2017. The company blamed drier-than-normal weather in Brazil’s center-south region for the decline.

Group Tereos revenues from its international sugar division, which is mostly Brazil, fell 30 percent to 644 million euros in the nine months of the 2018/19 crop (April to December) compared to the same period a year earlier. (Reporting by Sybille de La Hamaide, additional reporting by Marcelo Teixeira in Sao Paulo; editing by Gus Trompiz and Tom Brown)

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