July 10, 2013 / 12:16 AM / 6 years ago

Batista's EBX conglomerate CFO quits

BRASILIA, July 9 (Reuters) - Brazilian billionaire Eike Batista’s EBX Group said on Tuesday that its chief financial officer, Otavio Lazcano, has stepped down, the latest resignation at the once high-flying industrial conglomerate.

The company did not say why Lazcano quit as CFO. It said Batista, the conglomerate’s chairman, will take over Lazcano’s duties.

Batista, the founder and vital force behind the oil, energy, port, shipbuilding and mining group, has seen the value of its companies in the market crumble after promises of oil and mining riches fell short of expectations.

Last week, Batista quit as chairman of MPX Energia SA , the embattled EBX Group’s most promising company.

The magnate, who branded all his companies with an “X” for “the multiplication of wealth,” is attempting to restructure his companies to alleviate debt woes and other problems that have slashed more than $20 billion from his holdings in the group.

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