Judge orders JBS chairman, CEO to step away
Order coincides with investigation into suspected Brazilian pension fund fraud
A federal judge in Brazil has ordered JBS CEO Wesley Batista and JBS Chairman Joesley Batista to step away from their roles amid an investigation of suspected fraud at some of Brazil's largest pension funds.
The order was made as investigations into corruption at the overlap of Brazilian business and politics, which has rattled the Brazilian economy, according to a Yahoo News report. Nearly 40 executives and senior financiers in Brazil have been ordered to be suspended from their jobs during the investigation.
Joesley Batista also serves as CEO of wood pulp company, Eldorado Brasil Celulose SA, a company controlled by the Batista family. Joesley Batista, Wesley Batista's brother, has also been ordered to suspend his work for that company.
Wesley Batista was named president and CEO of JBS in 2011. He had earlier ran the JBS South American beef business before transferring to the U.S. to become the CEO of JBS USA, where he focused on the restructuring, expansion and integration of the North American and Australian operations. JBS was founded by the Batistas' father, José Batista Sobrinho, in 1953.
JBS is the world’s largest broiler company, according to the WATTAgNet Top Poultry Companies Database, having slaughtered 3.38 billion birds annually. It is also the majority owner of Pilgrim’s, the second-largest broiler company in the United States.
In addition to being a major poultry processor, JBS is also a major processor of beef, pork and lamb.
CEO of Brazil's JBS SA suspended from management posts by court order
SÃO PAULO—Wesley Batista, chief executive officer of JBS SA, has been suspended from his management position at the beef exporter by a court order, a Brazilian prosecutor said Tuesday. The prosecutor’s office confirmed Tuesday that the order, which became public Monday after 8 p.m. local time, applies to all of Mr. Batista’s jobs and not just companies involved in a fraud investigation.
Brazil judge orders JBS CEO and others to step away from companies
BRASILIA (Reuters) - The Brazilian judge overseeing a sweeping graft probe of state-run companies' pension funds ordered on Monday that dozens of business leaders and financiers under investigation step away from their corporate roles, including the chief executive of the world's biggest beef exporter JBS SA.