Brazil's Brasilprev CEO Flores Resigns; Replaced by Terra Lima
01/28/2013| 02:00pm US/Eastern
BRASILIA--Brasilprev Seguros e Previdencia SA Chief Executive Ricardo Flores has resigned from his post after less than five months on the job, the Brazilian financial company said Monday.
He will be replaced by Brasilprev Marketing and Commercial Director Miguel Terra Lima.
The company cited personal and family reasons for Mr. Flores' resignation. He had taken up the post at Brasilprev in September after serving for 10 months as chairman of mining company Vale SA (VALE, VALE5.BR) and for two years as president of the Banco do Brasil's (BDORY, BBAS3.BR) employee pension fund, Previ.
BrasilPrev, a joint venture between Banco do Brasil and the Principal Financial Group (>> Principal Financial Group Inc), manages open pension programs for more than 1.4 million clients.
The company ended 2012 with 66 billion Brazilian reais ($33 billion) in assets under its administration.
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