The CEO of Marfrig Global Foods resigned from his position to become the global CEO of BRF, another Brazil-based protein producer.
According to a material fact published on the BRF investor relations webpage, Lorival Nogueira Luz Jr. resigned as BRF’s CEO on August 29, and on the same day, Marfrig CEO Miguel de Souza Gularte submitted his resignation.
The two men have started a CEO transition process, which will be concluded on September 30.
Luz has been CEO of BRF since 2019, having previously served the company as chief financial and investor relations officer, and later, chief operating officer. The company stated that its board of directors “expressed its gratitude to Mr. Lorival Nogueira Luz Jr. for his commitment and dedication to the company throughout the period in which he held the position of global chief executive officer.”
Gularte has been at the helm of Marfrig since March 2020.
Merger speculation
BRF, in its material fact, stated that Gularte’s appointment as CEO “does not represent an intention, at this moment, of merger between the company and Marfrig Global Foods.”
However, the two Brazil-based companies have in the past discussed the possibility of a merger.
In May 2019, the boards from both companies signed a memorandum of understanding (MoU) allowing them to discuss the possibility of a merger. However, less than two months later, the two companies revealed that those negotiations were terminated.
However, Marfrig has since invested in BRF. As of March 2022, Marfrig owned a 33.25% stake in BRF.
Marfrig primarily operates in the beef sector, having exited the poultry industry in 2018 with the sale of Keystone Foods to Tyson Foods. Meanwhile, BRF has a strong presence in the poultry and pork industries.
Marcos Antonio Molina dos Santos serves as the chairman of both BRF and Marfrig.
New Marfrig CEO selected
Following Gularte’s resignation from Marfrig Global Foods, Marfrig’s board elected Rui Mendonca Junior to “occupy” the CEO’s position, the company stated in its own material fact.
Having worked for Marfrig since 2007, Mendonca has worked in the animal protein industry for more than 40 years “in different areas such as operation, production and finance. Marfrig also pointed out he has international experience in Australia and the United States.
