Brazilian power company Eletrobras on Friday elected its new board of directors, an 11-strong group that will set the firm's post-privatization strategy as markets expect it to become more flexible without the government's control.
The new directors were part of a single group of appointees presented by shareholders, including asset manager 3G Radar, Banco Classico, Maliko Investments, Navi Capital, SPX, Vinci and XP.
The move marks a new beginning for Latin America's largest utility after the government cut its stake in the company to 45% from 72% of the voting capital through a 33.68 billion-real privatization share offering.The new board will be responsible for choosing a new chief executive and setting the company's strategy for the coming years.
According to Eletrobras' filing, 3G Radar's Pedro Batista was elected at the meeting to represent preferred shareholders. Carlos Eduardo Pereira retained his position as the representative of employees. Carlos Piani, the document added, must resign from his board seats at rivals Equatorial Energia and Vibra EnergiaReporting by Gabriel Araujo and Rodrigo Viga Gaier; Editing by Brendan O'Boyle
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