SAO PAULO, Brazil – José Alexandre Carneiro Borges, CFO and investor relations officer for BRF SA, resigned from the company after a disappointing fourth-quarter financial performance.
In a regulatory filing, BRF said, “The Board decided that Mr. Pedro de Andrade Faria will temporarily cumulate the position of Investor Relations Officer and Global Chief Executive Officer. In addition, Mr. Elcio Mitsuhiro Ito will temporarily be the head of the Finance area.”
Also resigning from the company is Rodrigo Reghini Vieira, who served as the company’s marketing director.
BRF reported steep losses during the fourth quarter, which the company attributed to “…political uncertainties, plus a few internal challenges in terms of execution…”
Net operating revenues for the quarter totaled R$ 8.59 billion ($2,761,924,832) an increase of 1 percent over the third quarter of 2016. Gross profit declined 10.1 percent quarter-on-quarter to R$ 1.69 billion ($543,382,185), while gross margin was 2.2 percentage points below the preceding quarter at 19.7 percent, the company reported.
EBITDA for the period hit R$ 559 million, down 36.9 percent quarter-on-quarter, while the EBITDA margin was 6.5 percent, 3.9 percentage points below the third quarter of 2016.
BRF said the company “…is focused on the development of its management model, which will be shared with the market and shareholders by the end of this month.”