Oi CEO to step down at end-January

News General Brazil 11 DEC 2019
Oi CEO to step down at end-January

Brazilian operator Oi announced that Eurico Teles will step down as CEO on 30 January 2020. The change in management was approved by the court leading Oi's debt restructuring process, and the court will be informed before a replacement is named, Oi said. 

Teles took over at the end of 2017 at Oi to implement the company's debt restructuring plan. The company has continued to struggle since then, requiring additional capital to implement its plans to turnaround the business, as asset disposals prove difficult. Shareholders have reportedly been pushing for new management, and the former TIM Brasil CEO Rodrigo Abreu was appointed president and COO in September, to strengthen the team. 

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