Bolsonaro’s choice for presidency at BB displeases veteran executives 04/04/2021

Bolsonaro’s choice for presidency at BB displeases veteran executives 04/04/2021
Bolsonaro’s choice for presidency at BB displeases veteran executives 04/04/2021
Vice-presidents of Banco do Brasil are “uncomfortable” with the change in the bank’s presidency, as described by one of the executives with whom UOL talked. But he denied the possibility of a collective resignation.

However, sectors in the government consider that the movements of President Jair Bolsonaro, of changes in the management of ministries and in the command of public companies, cause internal reactions.

It happened at the helm of Petrobras and the Ministry of Defense. Banco do Brasil is one more on that list.

On March 18, the then president of BB, André Guilherme Brandão, submitted a resignation request to Bolsonaro and to the Minister of Economy, Paulo Guedes.

Brandão and Bolsonaro, according to government aides, never had “chemistry”. Bolsonaro did not like Brandão, and the same dislike existed on the part of the BB executive. In other words, his departure had been the president’s wish for some time.

Other executives would have preference

For his place, Bolsonaro appointed the administrator Fausto de Andrade Ribeiro, who was as CEO of BB Consórcios, a subsidiary of BB.

According to government sources, Fausto de Andrade’s name came straight from the Planalto Palace. Brandão had been appointed by the president of the Central Bank, Roberto Campos Neto, with the endorsement of Guedes.

Reports that have been made to members of the government are that there was a “breach of hierarchy” at the bank and that other names would be “in line in advance” to get to BB’s command. This is what is causing the “discomfort” mentioned by one of the vice presidents.

Guedes has already talked to the new executive, but he has told allies that he wants to keep his distance from the state-owned company to focus on other government issues.

The minister has always been in favor of the privatization of the state-owned company, but he already knows that he lost this battle to President Bolsonaro. Even so, Guedes often says that state-owned companies with shares listed on the stock exchange are a farce, or “it is neither an armadillo nor a snake”, as he came to say at the ministerial meeting that was made public by decision of the STF.

Natural candidates?

The assessment that would be being made by some of the bank’s executives is that on the list of vice presidents there would be other names with more weight to assume the chair.

BB’s vice-presidency (VP) comprises: Carlos José da Costa André (VP of Financial management and Investor Relations); Carlos Motta dos Santos (VP ​​of Retail Business); Carlos Renato Bonetti (VP of Internal Controls and Risk Management); Gustavo de Souza Fosse (VP of Business Development and Technology); João Pinto Rabelo Júnior (VP of Agribusiness and Government); Mauro Ribeiro Neto (Corporate VP); and Bernardo de Azevedo Silva Rothe (VP of Wholesale Business).

Most executives have been with Banco do Brasil for over 25 years. Despite also being a veteran, Fausto Ribeiro would not be a natural candidate for the post, because he would still need more experience in other positions in the bank to occupy the chair.

Approved name with reservations

The name of Fausto de Andrade Ribeiro was approved in a meeting last Tuesday (30) by the People, Compensation and Eligibility Committee (Corem), but during the votes of the decision there were criticisms that the evaluation should also take into account “requirements subjective “.

In addition, there are criticisms that the bank’s Board of Directors was left out in the selection and approval of the company’s main executive, which makes the collegiate “a mere homologator”.

In the opinion of a direct interlocutor of the president, if some of the seven vice-presidents left, this should not even be considered a crisis, because it is already known that this is the way the government works.

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