After having its chairman appointee rejected, the board of Banestes SA - Banco do Estado do Espírito Santo tapped its incoming CEO, Michel Neves Sarkis, to also fill that role temporarily.

Sarkis, who was tapped to be the bank's new CEO a month ago, will become interim chairman Jan. 31 after current Chairman and CEO Guilherme Gomes Dias formally steps down from his posts. Sarkis previously had been chosen to serve on the company's board as a director following his executive appointment.

The move comes after Banco Central do Brasil rejected Banestes' appointment of Paulo Roberto Ferreira, the finance secretary for the state of Espírito Santo.