Braskem announced this Monday (4), in a relevant fact released to the market, that the Novonor group, the company’s controlling shareholder, appointed Roberto Paraiso Ramos to occupy the position of CEO of the petrochemical company.
Paraiso Ramos will take over from Roberto Bischoff, who will remain in the post until November 30, according to Braskem. And the company did not indicate reasons for the change in management of the largest petrochemical company in Latin America.
Ramos was vice-president of the company between 2002 and 2010, “leading strategic projects such as the implementation of the Ethylene XXI Project in Mexico, and for five years he led Ocyan as president, in the oil and gas market”, said Braskem.
Ramos’ appointment will be formally presented for approval by Braskem’s board of directors, but there are still no details on when he will take on the role.
READ MORE: Novonor and Petrobras propose that banks be part of Braskem’s control block
Survey in Maceió
Last week, the Federal Police concluded an investigation into crimes related to Braskem’s rock salt mining activity under the soil of Maceió, which resulted in the indictment of the company itself and 19 other individuals, according to court documents seen by Reuters. At the time, the PF did not identify the names of those indicted.
The announcement of the change in the company’s command also occurred two days before Braskem published its third quarter results, scheduled for this Wednesday (6).
When contacted this Monday, Braskem simply stated that it will comment on the change in presidency through the relevant fact published earlier. Novonor did not comment.
Analysts assessed that the change in the company’s presidency should have a neutral effect, without changes to Braskem’s current strategic plan, which is experiencing a “challenging” scenario marked by smaller spreads and a potential worsening of the macroeconomic scenario.
“We believe that the change in management will not have a material impact on the company, given Ramos’ extensive experience in the petrochemical and oil and gas sectors, including at Braskem,” said Citi analysts in a note to clients.
At 11:10 am this Monday, Braskem shares showed a drop of 0.2%, while the Ibovespa showed an appreciation of 1.3%.
