Brazil's Cyrela names founder's sons as co-CEOs

SAO PAULO, March 13 Thu Mar 13, 2014 6:12pm EDT

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SAO PAULO, March 13 (Reuters) - Cyrela Brazil Realty SA , Brazil's biggest homebuilder, said on Thursday that company founder Elie Horn would step down as chief executive officer and cede the role to his two sons, Raphael and Efraim Horn.

The move, which leaves the elder Horn as chairman of Cyrela's board, will allow the company to comply with market regulations that require companies listed under the Sao Paulo Stock Exchange's Novo Mercado segment to maintain separate executives in the chairman and CEO roles.

In the filing, Cyrela said the change was the result of a succession planning process that had been taking place over the past few years. The management change, which would become effective starting in May 2014, is subject to shareholder approval, the company said in the filing. (Reporting by Asher Levine; Editing by Tom Brown)

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