RIO DE JANEIRO, BRAZIL – Wilson Ferreira Jr, chief executive of Brazilian state electricity company Eletrobras, has resigned from his position citing “personal reasons”, the company said in a securities filing late on Sunday night, January 24th.
According to the filing, Ferreira will remain in his post until March 5, allowing Centrais Eletricas Brasileiras SA, as Eletrobras is formally known, to find a successor.
Ferreira has led Eletrobras for nearly four and a half years. His resignation comes only a month after Board Chairman José Guimarães Monforte announced he was resigning, also for personal reasons.
The government has said Eletrobras may be privatized this year, a sale which could generate up to R$20 billion (US$3.70 bilion).