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Financials

Mexico homebuilder Geo names new chief executive

MEXICO CITY, Oct 31 (Reuters) - Mexican homebuilder Geo said on Monday it had named a new chief executive officer, less than a year after the previous CEO took over.

Juan Carlos Diaz, who previously headed Mexican homebuilder Sare, replaced Juan Carlos Brainff on Oct. 24, according to a filing sent to the Mexican stock exchange.

Jose Carlos Balcazar, a previous head of Administration and Finance at HSBC’s Mexico unit, will also join the board, the company said.

Geo, which restructured its debt after filing for bankruptcy in 2014, saw trading of its shares suspended for more than two years after it failed to meet quarterly reporting requirements, but gained approval to again trade shares in December.

The company was once Mexico’s No. 1 homebuilder but its fortunes declined amid slumping sales of its low-cost homes far from urban centers. (Reporting by Natalie Schachar and Adriana Barrera; Editing by Sandra Maler)

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