Brazil's Banco do Brasil board says president's nominee was not ready for CEO

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SAO PAULO, April 1 -- Members of the board of Banco do Brasil SA argued in a public statement on Thursday that the nominee for the state-controlled bank was not ready for the job and that the board should have the authority to appoint its leader.

Currently, Brazil's far-right president Jair Bolsonaro is entitled to nominate the chief executive, leaving its board of directors little say, in a deviation from corporate governance best practices.

Bolsonaro has named Andre Brandao, who is currently CEO of the small business unit of Banco do Brasil, to replace Fausto Ribeiro on March 18. Ribeiro's appointment, which would also make him a member of the board, was withdrawn by several existing board members.

In a statement, members of the board Petero Roberto Evangelista de Lima, Luiz Spinola and Helio Magalhaes said in Ribeiro that they meet the legal requirements to become Banco do Brasil's CEO. Still, they consider he lacks management experience to run the bank.

These board members account for half of Brandao and not including Banco do Brasil, who did not participate in the meeting.

Bolsonaro resigned two months after Brandao was opposed to cost-cutting measures taken by the former, such as the closure of some branches and an employee buyout program.

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