Tag Archives: CEO / (UPDATE 2)

UPDATE 2-Itau Brazil appointed a new CEO, signaling a generational change | Instant News


(Adding context)

SAO PAULO, October 29 (Reuters) – Itau Unibanco Holding SA on Thursday appointed Chief Financial Officer Milton Maluhy Filho as its new chief executive, ushering in a generational change at Brazil’s biggest bank.

Maluh, 44, will replace Candido Bracher, who has served for roughly three years, starting February 2, according to the securities filing. Bracher, who will reach the mandatory bank retirement age of 62 in December, will return to the board of directors next year.

Maluhy will become the youngest CEO among Brazil’s biggest lenders and will take control of a bank that is financially strong but still faces challenges in competing with the fintech that has rocked the market in recent years.

Maluhy started his career at Itau in 2002 and has since taken on a variety of roles, including as CEO of Chile’s Itau Corpbanca, an acquisition that did not live up to expectations, although Maluhy made several steps to improve his performance.

“In each of these positions, he has always stood out for his determination to seek results, his focus on the interests of our clients, his ability to assemble a productive and balanced team, and the degree to which he identifies our culture,” Itau said in a statement.

CHALLENGE

Going forward, Maluhy will have to face the economic impact of the coronavirus pandemic, which has seen banks set aside billions for potential losses.

The bank also faces new nimble rivals such as card processors PagSeguro Digital Ltd, StoneCo Ltd and XP Inc, in which Itau decided to acquire a stake. Card processors have attracted clients from traditional banks and kept costs down.

The new generation of online banks is emerging as a major challenge for lenders like Itau, who are saddled with expensive brick and mortar branches.

“Priority is now shifting to digitizing our operations and in a relentless quest for growth in a very dynamic competitive environment,” said co-chairs Pedro Moreira Salles and Roberto Setubal in a letter to Itau employees.

Reporting by Carolina Mandl; Edited by Sandra Maler, Christian Plumb, and Aurora Ellis

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UPDATE 2-Vattenfall reported Q2 loss on German plans to exit coal, the CEO said to stop | Instant News


* Write down the value of German PLTB of 9 billion SEK

* Germany will abandon coal energy in 2038

* The fall in electricity prices has hit wind power in Sweden

* Board to start looking for a new CEO (Add CEO comments, details)

STOCKHOLM, July 21 (Reuters) – Sweden’s Vattenfall reported on Tuesday the swing for a deep loss in the second quarter, hit by falling electricity prices and Germany’s plan to remove coal, and said Chief Executive Magnus Hall had decided to leave the group.

State-owned utilities posted an impairment loss of 10.6 billion crowns ($ 1.2 billion) in the quarter, which caused an operating loss of 7.03 billion crowns compared to last year’s profit of 2.87 billion.

He wrote down the value of Moorburg, a coal-fired power plant in Hamburg, with 9.1 billion crowns due to low margins and the legalization of German law this month to exit coal as a source of electricity in 2038 to meet climate targets.

He also wrote the value of wind farms in Sweden and Denmark of 1.5 billion crowns due to falling prices.

“We see tense market conditions in many ways, especially for fossil fuel power plants. Although this is not surprising, it now results in a large decline, “Hall said in a statement.

Vattenfall said its turnover fell to 31.3 billion crowns from 34.7 billion, mainly due to lower electricity prices and lower sales volumes in the Nordic countries and the Netherlands.

Vattenfall said his council would now begin the process of finding a replacement for Hall, who joined the group as CEO in 2014, adding that Hall would leave no later than 31 January 2021.

“This is a personal decision and after six intense and exciting years, with many changes and clear direction for Vattenfall, I feel it’s time to rest and focus more on other matters,” he told Reuters at his resignation.

“I will remain fully committed until my successor is present,” he said in the statement.

$ 1 = 8.9631 Swedish Crown Reported by Anna Ringstrom; editing by Edwina Gibbs and Mark Potter

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