MMX Names Gonzalez as CEO in EBX’s Fifth Top Change Since JuneJuan Pablo Spinetto
MMX Mineracao & Metalicos SA, the iron-ore producer of Brazilian billionaire Eike Batista, named Carlos Gonzalez as chief executive officer, the company’s second change of its top executive in the last 15 months.
Gonzalez, currently mining director at Batista’s EBX Group Co., will replace Guilherme Escalhao, 50, who is resigning from the company, Rio de Janeiro-based MMX said in a regulatory filing today. Escalhao was named as MMX’s top official in October 2011 after the resignation of Roger Downey.
Escalhao is the fifth CEO of the six publicly traded companies controlled by Eike Batista to be replaced since June. EBX also named Otavio Lazcano as chief financial officer on Aug. 6, replacing Nicolau Chacur.
A former executive of Vale SA, Gonzalez has worked on the conception of MMX’s projects since joining EBX in 2005, the company said in its filing. He also worked as chief operating officer of Anglo American Plc’s Minas-Rio iron-ore project in Brazil since 2008 until returning to EBX in 2011, according to the filing.
MMX’s press office declined to comment on the reasons for Escalhao’s departure when contacted by Bloomberg News today.
MMX declined 1 percent to 3.98 reais today in Sao Paulo. The stock has dropped 46 percent in the past 12 months, 10 times more than the 4.7 percent fall of Vale, the world’s largest iron-ore producer.
(MMX will hold a conference call with investors to present its new CEO on Jan. 21 at 10 a.m. New York time. Contact details here.)