Oi S.A.: Material Fact CEO replacement PR Newswire RIO DE JANEIRO, June 4, 2013 RIO DE JANEIRO, June 4, 2013 /PRNewswire/ -- Oi S.A. ("Oi" ) , pursuant to article 157, paragraph 4 of Law No. 6,404/76 (the "Brazilian Corporation Law") and in accordance with CVM Instruction No. 358/02, discloses that in a meeting held on this date, its Board of Directors, following the recommendation of Telemar Participacoes S.A., approved the replacement of the current Chief Executive Officer of Oi and its subsidiaries, Mr. Jose Mauro Mettrau Carneiro da Cunha, by Mr. Zeinal Abedin Mahomed Bava, to serve his current term ending on the first meeting of the Board of Directors to be held after the 2014 Ordinary General Shareholder's Meeting. Mr. da Cunha returns to the Board of Directors of Oi as Chairman, from which position he stepped down on January 22, 2013. Also on this date, as a result of his election as CEO of Oi, Mr. Bava resigned his position as a member of the Board of Directors of Oi. Until today, Mr. Bava had presided over the Executive Committee of Portugal Telecom, SGPS, S.A. ("Portugal Telecom") (the holding company of the Portugal Telecom Group responsible for investments in Portugal, Africa, Asia and Brazil). In this capacity, he contributed crucially to the formation of the Industrial Alliance currently in place between the Oi Group and Portugal Telecom, a strategic partnership whose objective is to combine the benefits of the scale and geographic diversity that the Brazilian Market offers with the experience of the Portugal Telecom Group in the development of innovative and technologically advanced solutions to corporate clients, through the convergence of fixed-line and mobile telephone communications services with subscription television. During the development of this strategic partnership, Mr. Bava acquired a strong understanding of the Oi Group, having actively participated in several of the group's significant management committees, particularly the Engineering and Network, Technology and Innovation and Product Offer Committees, which he currently heads. His deep understanding of the Group and the work undertaken by the Engineering and Network Committee have contributed significantly toward the ever-integrated and convergent operational management of the Oi and Portugal Telecom Groups, wholly supporting the confidence the strategic shareholders of these two groups placed on him. Mr. Bava will continue to have a role in Portugal, participating in the strategic innovation projectsand combined workstreams of Oi and Portugal Telecom, a key factor to permit the optimization of the sinergies between the Oi and Portugal Telecom Groups and to contribute to the success of the objectives defined by the strategic partnership. Mr. Bava, age 46, holds a degree in electrical engineering and electrotechnology from University College London. He was named "Best CEO" in the telecommunications sector in Europe by Institutional Investorin 2010, 2011, 2012 and 2013 and the sixth "Best CEO" in Europe in all sectors by the 2011 Thomson Reuters Extel Survey. Having joined the Portugal Telecom Group in 1999, Mr. Bava was appointed Chief Executive Officer of Portugal Telecom in April 2008. Throughout his 14 years at the Portugal Telecom Group, Mr. Bava performed several functions, having led the financial and principal business departments of Portugal Telecom. Formerly, he was an executive officer at Merrill Lynch International, Deutsche Morgan Grenfell and Warburg Dillon Read. Corporate Taxpayers' Registry (CNPJ/MF) No. 76.535.764/0001-43 Board of Trade (NIRE) No. 33.30029520-8 Publicly-Held Company Tickers: OIBR3, OIBR4 Alex Waldemar Zornig Investor Relations Officer SOURCE Oi S.A. Contact: Patricia Frajhos, +55-21-3131-1315
Oi S.A.: Material Fact CEO replacement
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