Lorival Luz has resigned as CEO of Brazilian meat company BRF and will be replaced by Marfrig Global Foods’ Miguel Gularte, according to Reuters.
Luz joined the company as global chief financial officer in 2017, before being promoted to chief operating officer in 2018 and then to CEO in 2019. The reasons for his resignation were not disclosed.
Meanwhile, Luz will be succeeded by Gularte, whose most recent role was as CEO of meat business Marfrig. He also previously worked at JBS.
BRF says that the move does not reflect an intention to merge the two companies, despite longstanding speculation about a possible business combination, according to Reuters. Marfrig, which owns 33.27% of BRF, has previously stated that it was only interested in a passive stake in the business.
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