October 26, 2018 / 10:52 AM / a year ago

CORRECTED-UPDATE 1-Banco do Brasil's Caffarelli leaves bank to become Cielo's CEO - filing

(Corrects first paragraph to reflect that Caffarelli is a board member, not chairman)

SAO PAULO, Oct 26 (Reuters) - Banco do Brasil SA Chief Executive Officer and board member Paulo Caffarelli has resigned to be chief executive of Brazilian card processor Cielo SA, both companies said in a securities filing on Friday.

Caffarelli will leave Banco do Brasil on Nov. 1 and take up his new post at Cielo on Nov. 5.

Marcelo Labuto, a current executive vice-president at Banco do Brasil, will take the helm at the state-controlled Brazilian bank as he was appointed by Brazilian president Michel Temer, according to the filing.

On Thursday, Reuters reported that Caffarelli had accepted an offer to become the new CEO of Cielo, which has been looking for a new head since July.

The move is the first in a string of senior executive changes at Brazil’s major state enterprises, where management shake-ups usually follow presidential elections such as the one concluding on Sunday.

Caffarelli will take the helm at a company that has been struggling to fight new competitors, such as PagSeguro Digital Ltd and StoneCo Ltd.

Shares in Cielo have fallen around 45 percent this year.

Reporting by Carolina Mandl Editing by Robin Pomeroy and David Evans

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