UPDATE 1-CEO of Brazil cable TV company Net resigns

(Recasts, adds details, share price, changes dateline)

SAO PAULO, Jan 15 (Reuters) - Net Servicos de Comunicao SA (NETC4.SA: Quote, Profile, Research, Stock Buzz), Brazil's biggest cable television provider, said on Tuesday that Chief Executive Francisco Valim had resigned after almost five years on the job.

Net said in a filing with Brazil's securities regulator that Valim would be succeeded by Jose Antonio Guaraldi Felix, who has been chief operating officer since 2003.

The statement said Felix's task will be to deliver "growth with quality and profitability, going forward with the company's current strategy."

It said Valim, widely credited with turning Net around, resigned to "seek other professional challenges."

Ativa Corretora, a Brazilian brokerage, called the change negative in a research report.

Net shares fell in Sao Paulo following the company's announcement, tumbling 4.24 percent to 22.12 reais in early-afternoon trading. The Bovespa index .BVSP was down 1.67 percent.

Net is co-owned by Brazil's Organizacoes Globo, Latin America's largest media group, and Mexican telecommunications giant Telefonos de Mexico, or Telmex (TELMEXL.MX: Quote, Profile, Research, Stock Buzz) (TMX.N: Quote, Profile, Research, Stock Buzz). (Reporting by Todd Benson; editing by John Wallace)