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.
MMX rose 3.5 percent to 7.10 reais today in Sao Paulo. The stock has dropped 37 percent this year, almost double the 20 percent fall of Vale SA, the world’s largest iron-ore producer.