Incumbent CEO Pedro de Andrade Faria will depart ailing Brazilian food company BRF by the end of the year, it has been announced.
The news came shortly after the appointment of a new chief financial officer. A statement said the succession process and recruiting for a new CEO has begun, with Faria remaining in power until 31 December, during which time he will assist in the transition.
Lorival Nogueira Luz Jr was brought in as CFO in August to replace Jose Alexandre Carneiro Borges, who resigned in March. The restructuring come after BRF saw losses of $140 million in the first half of the year, with a similar pattern of results for the whole of 2016.
The company has been under investigation by police over allegations of the bribery of agriculture officials.