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Gerdau CEO, executive VPs to step down in January

Bnamericas Published: Thursday, August 24, 2017
Gerdau CEO, executive VPs to step down in January

CEO André Gerdau Johannpeter (pictured) and executive VPs Claudio Johannpeter and Guilherme Gerdau Johannpeter will step down next January 1 as part of Brazilian steelmaker Gerdau's new corporate governance structure.

The three executives will remain on the board of the 116-year-old family-owned business, the largest long steel producer in the Americas. The executive director of Brazil business operations, Gustavo Werneck, will be the new CEO.

"We believe that the fifth generation of Gerdau's family members fulfilled the company's targets. Now we'll focus on Gerdau's medium and long-term strategies, besides supporting the administration team in their new goals," André Gerdau Johannpeter told analysts and reporters in a conference call on Thursday.

"We just ended an important cycle and are ready to start a new phase under Werneck's leadership."

The CEO confirmed Gerdau will continue with its asset optimization program.

Gerdau reported a consolidated adjusted net profit of 147mn reais (US$46.8mn) for the second quarter, compared with 184mn reais in 2Q16.

Consolidated net sales for the quarter reached 9.17bn reais, down 10.6% year-on-year, while cost of sales slipped 10.2% to 8.23bn reais and adjusted Ebitda was down 6.7% to 1.12bn reais, the company said in its latest earnings release.

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