Bloomberg News

CSN Names Monteiro Acting CFO as Penido Leaves; Shares Fall

June 09, 2011

(Updates with timing of CFO replacement in second paragraph, closing share price in last paragraph.)

June 9 (Bloomberg) -- Cia. Siderurgica Nacional SA, Brazil’s third-largest steelmaker, named Treasury Director Alberto Monteiro acting chief financial officer after Paulo Penido Marques resigned. Shares fell to their lowest level in more than two years.

Monteiro, 43, will replace Penido starting today until CSN, as the Rio de Janeiro-based steelmaker is known, appoints a permanent replacement, a spokesman for the company said in a phone interview. Penido, who worked at CSN for about two years, left the company because of personal reasons, the spokesman said, declining to be identified citing corporate policy.

Monteiro has been CSN’s treasury director since August 2009, according to the company’s website. Before that, he held several positions at Banco do Brasil SA, Latin America’s largest lender by assets.

Penido, 53, is leaving to become chief executive officer of a company in Brazil that isn’t linked to the steel industry, Sao Paulo-based newspaper Valor Economico said. Valor reported the executive’s resignation earlier today, citing unidentified people in the industry.

CSN dropped 53 centavos, or 2.6 percent, to 19.81 reais in Sao Paulo trading at 5:12 p.m. after falling as much as 3.4 percent to its lowest level since April 2009. The stock has dropped about 26 percent so far this year, more than the 8.4 percent drop in the benchmark Bovespa Index.

--Editors: Robin Saponar, Dale Crofts

To contact the reporter on this story: Juan Pablo Spinetto in Rio de Janeiro at jspinetto@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus