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Financial News: BRF: Board Chooses José Aurélio Drummond Jr. As

BRF: Board Chooses José Aurélio Drummond Jr. As The New Global CEO

11/25/2017 - 09:04:00 (RTTNews)

(RTTNews) - Brazilian food company BRF's board of directors elected José Aurélio Drummond Jr. to replace Pedro de Andrade Faria as the company's global CEO. The change was expected since August 31, when the BRF announced Faria's departure.

Drummond, an engineer and former chief executive of the Brazilian operations of Whirlpool, Alcoa, and Eneva, is taking over the company in a period of apparent recovery following a string of unpromising results.

In 2015, the first year of Faria as company's CEO, BRF had a stellar performance, accumulating a profit of R$ 3.1 billion - a record for the firm - but in most of 2016, the company presented low gains compared to previous records.

In the fourth quarter of last year, the situation worsened. The company began a negative string that would lead to a total loss of almost R$ 1 billion, and that would only be interrupted in the third quarter of this year, when BRF announced a net profit of R$ 137.6 million.

Drummond's challenges will involve securing the recovery of BRF's results and recovering the value of the company's shares (BRFS3), which hit a peak of R$ 70.73 on September 8, 2015, and have since lost value. This week, the papers closed at R$ 41.19, or almost 42% below the high of two years ago.

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