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BTG names new chairman; former CEO Esteves rejoins controlling partner group


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BTG names new chairman; former CEO Esteves rejoins controlling partner group

Marcelo Kalim has stepped down as the chairman of BTG Pactual Group and Banco BTG Pactual SA, the Brazilian bank said, adding that he will be replaced by current board member Nelson Jobim.

Additionally, the bank announced the return of André Esteves, its founder and former CEO, to the company's controlling group of partners.

Esteves was arrested in late 2015 after being accused of attempting to impede a criminal probe into state-run Brazilian oil firm Petrobras. He subsequently resigned from his positions at BTG and relinquished control of the bank through a share swap with BTG's top partners.

However, Esteves returned to the bank in an advisory role in 2016 after Brazil's Supreme Court rescinded his house arrest. Earlier in 2018, he was cleared of corruption charges by a federal judge.

Kalim's departure as chairman, meanwhile, follows him and certain other BTG executives founding C6Bank, a digital startup. Kalim has also signed an agreement to "transfer all of his shareholding interest" in BTG's controlling group, known as G7 Holding, the bank said.

The controlling group now has five members down from seven previously. It will consist of CEO Roberto Sallouti, Renato Santos, Antonio Porto, Guilherme Paes and Esteves, subject to regulatory approval.

None of the partners in the controlling group will hold a stake larger than 30% until Dec. 31, 2022, the bank said, without providing additional details.

In appointing Jobim as its new chairman, BTG noted that current Vice Chairman John Huw Gwili Jenkins did not wish to assume the chairman role.