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BNDES CEO resigns after a year on the job


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BNDES CEO resigns after a year on the job

Banco Nacional de Desenvolvimento Econômico e Social, or BNDES, CEO Maria Silvia Bastos Marques has resigned from her position after about a year in the post.

The state-run development bank said Marques, who became CEO in June 2016, submitted her resignation to Brazilian President Michel Temer on May 26, citing personal reasons. Ricardo Ramos, a director at BNDES, will replace Marques on an interim basis.

Marques' resignation comes amid increased turbulence at BNDES. Brazilian authorities recently launched an investigation into suspicious loan operations between BNDES and meatpacking firm JBS. The alleged collusion reportedly cost the federal government $380 million, and part of the money was said to have been used as donations to political campaigns, including those of Temer and two of his predecessors, Dilma Rousseff and Luiz Inacio Lula da Silva.

The bank's staff also threatened to go on strike if Marques did not publicly defend them following the probe.

Rumors had circulated earlier in May that a possible reshuffling at BNDES' top post could happen following underwhelming performance at the bank. For her part, Marques said she has never been pressured by the government regarding her work.