Fábio Barbosa has resigned as chairman of the Brazilian subsidiary of Spanish banking giant Santander (NYSE: STD) to head a media group that publishes the local edition of Playboy magazine.
Barbosa will leave his post next month, and Santander Brasil (NYSE: BSBR) CEO Marcial Portela will replace him as chairman on a temporary basis until his appointed successor, Celso Clemente Giacometti, has been confirmed, the local unit said in a regulatory filing.
Earlier this year Barbosa moved from CEO to chairman, with Portela taking on the more executive role at the bank. This move was seen by the market as an attempt to improve this year's disappointing performance by Santander Brasil.
The Brazilian unit has become Santander's biggest earnings generator in Latin America, but both its loan growth and profitability has been lagging those of its main rivals in Brazil.