Slumping Steelmaker Usiminas Changes CEO Amid Financial Woes
- Usiminas elects Sergio Leite as CEO at Wednesday board meeting
- JPMorgan says move positive, Ternium gaining ‘more space’
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Brazilian steelmaker Usiminas elected Sergio Leite as its new chief executive officer at a Wednesday board meeting as it struggles to reduce debt amid a domestic recession.
Leite, a veteran executive at the company, replaces Romel de Souza, Usiminas said in a filing. Ascanio Figueiredo will take Sousa’s previous role as commercial director. Six board members, including those representing co-controlling shareholder Ternium SA, voted to change management while three members from Nippon Steel & Sumitomo Metal Corp. voted against a change, said a person familiar with the proceedings.