March 29, 2022

BRF approves Marcos Molina, Marfrig's controlling shareholder as chairman

Major Brazilian meatpacker BRF SA has approved the nomination of Marcos Molina, Marfrig's controlling shareholder as the company's new chairman, Reuters reported.

Marfig is the biggest shareholder of BRF and said it aimed to appoint its own own board members after purchasing a 33.3% stake.

At a BRF shareholders meeting, the company also approved the appointment of Sergio Rial, Santander Brasil chairman as the new vice-president of the board. This nomination was proposed by Marfig.

Marfig, another major meatpacker in Brazil, began increasing its stake in poultry and pork processor BRF in May 2021 but said that the move was aimed at diversifying its holdings instead of influencing management.

The new appointments comes three years since failed merger talks between both companies.

-      Reuters