Aug. 12 (Bloomberg) -- BRF SA, the world’s largest meat processor by market value, plans to appoint Claudio Galeazzi as chief executive officer in billionaire Abilio Diniz’s first management change since becoming chairman in April.
Galeazzi, a former CEO of the Cia. Brasileira de Distribuicao Grupo Pao de Acucar supermarket chain founded by Diniz, will replace Jose Antonio Fay, according to a person with direct knowledge of the matter who can’t be named because the changes aren’t public. Jose Eduardo Cabral, BRF’s vice-president for the domestic market, and Wilson Newton de Mello Neto, vice-president of institutional affairs, are leaving the company, the person said.
Diniz, 76, is seeking to cut costs and lead the company’s international expansion since taking over as chairman on April 9. BRF rose 1.2 percent to 51.10 reais at 12:51 p.m. in Sao Paulo, heading to its highest close since the start of trading in 1997.
Fay, at the helm since October 2008, will work with Galeazzi until the end of the year, the person said. BRF’s press office declined to comment on the management chances.
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