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Report: IRB-Brasil CEO fired; former chief reinstalled

IRB-Brasil Resseguros SA has reinstalled its former CEO at the helm as the company works toward launching a new initial public offering.

IRB-Brasil indicated on its investor relations website that it had updated its management page June 12, which now lists José Carlos Cardoso as the company's CEO.

Cardoso had previously served as IRB-Brasil's CEO until June 2016, at which time he stepped back into his earlier role as vice president for reinsurance and Tarcísio José Massote de Godoy took over as CEO.

However, according to Diário Comércio Indústria & Serviços, Massote de Godoy was fired June 12 "in a shareholders' decision."

The move comes weeks after the company revived plans for an IPO following approval from the reinsurer's leading shareholders, Banco Bradesco SA, Itaú Unibanco Holding SA and BB Seguridade Participações SA. IRB's IPO has been under consideration for the past few years but has been delayed due to unfavorable market conditions.

IRB reportedly declined to comment on the management change as it is in a silent period due to the IPO.