MMX Mineracao & Metalicos SA, the iron-ore producer controlled by Brazilian billionaire Eike Batista, said Chief Executive Officer Roger Downey resigned as the company seeks $1.8 billion in project financing.
Chief Financial Officer Guilherme Escalhao was named as the new CEO, Rio de Janeiro-based MMX said today in a statement, adding that Downey’s resignation was for “personal reasons.” Guido Germani was named to replace Escalhao, the company said.
The reason for his resignation is “exclusively personal,” Downey said on a conference call. He said he wants to “live life a little bit slower, closer to my family.” He plans to remain a shareholder in the company.
MMX will have $1.8 billion in loans for its Serra Azul project completed before year-end, Downey said in an interview Aug. 11. Downey, 44, a former mining equity analyst at Credit Suisse Group AG, has been MMX’s CEO since August 2009.
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