The board at Banestes SA - Banco do Estado do Espírito Santo approved the election of Vasco Cunha Gonçalves as its new CEO, according to a filing.
He will assume the position once Banco Central do Brasil approves the appointment. Until then, incumbent CEO Michel Neves Sarkis will remain in the position.
Gonçalves is the outgoing CEO at BRB-Banco de Brasília SA, another state-owned bank. He will be replaced by Paulo Henrique Rodrigues Costa once he leaves.
Renato Casagrande, governor of the Brazilian state of Espírito Santo, tapped Gonçalves as the president of Banestes near the end of 2018.
Banestes is majority-owned by the state of Espírito Santo.