February 24, 2018 / 12:16 AM / 9 months ago

Brazil's BRF shareholders said to seek management reshuffle -reports

SAO PAULO, Feb 23 (Reuters) - A group of shareholders of Brazil’s food processing company BRF SA will seek to oust the entire board of the company, according to local media reports, following the firm’s worst annual results ever.

Newspapers Valor Econômico and O Globo reported late on Friday in their online editions that a group led by Brazilian pension funds Previ and Petros will ask BRF Chairman Abilio Diniz to call an extraordinary shareholder meeting where they plan to present a proposal to dismiss the board.

The board’s dissolution would be followed by changes in the executive management of the company, the reports said, quoting unnamed sources, including ousting current Chief Executive José Aurélio Drummond Jr.

BRF, the world’s largest poultry exporter, this week reported a net loss of 1.1 billion reais ($339.78 million) in 2017, the company’s largest loss ever.

Petros and Previ hold around 20 percent of BRF shares. Previ declined to comment on the reports. Petros did not immediately respond to a request for comment. The BRF press office did not immediately respond to a request for comment.

$1 = 3.2374 reais Reporting by Marcelo Teixeira and Aluisio Alves; Editing by Will Dunham

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