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Fibria Drops After Another CFO Replacement: Sao Paulo Mover

Fibria Celulose SA, the world’s biggest pulp producer, headed to the lowest price in three weeks after the company said it is replacing Chief Financial Officer Joao Elek Jr.

Shares fell 1.5 percent to 14.36 reais at 1:13 p.m in Sao Paulo, headed for the lowest closing price since Jan. 9. The benchmark Bovespa Index gained 0.3 percent.

Fibria said Guilherme Perboyre Cavalcanti will replace Elek as chief financial officer, according to a regulatory filing yesterday. Cavalcanti is Vale SA’s former CFO.

“Investors could disapprove the company’s frequent management re-shuffle,” analysts Marcos Assumpcao and Andre Pinheiro from Banco Itau BBA SA said in a note sent to clients today. “According to our calculations, Fibria has had six different CFOs in the past three and a half years.”

Cavalcanti will have “limited room to maneuver” when he begins the job “since Fibria’s priority continues to be the reduction of the current leverage,” the analysts wrote.

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