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BB Seguridade taps Banco do Brasil executive as new CEO

Brazil's BB Seguridade Participações SA named Bernardo de Azevedo Silva Rothe as the company's new CEO.

BB Seguridade, which is the insurance arm of state-run Brazilian lender Banco do Brasil SA, said Azevedo Silva Rothe will remain at the company's helm until the completion of the current 2016-2019 term.

His appointment follows the resignation of Antônio Maurício Maurano as CEO in November 2018. Werner Romera Süffert, the company's director of corporate management and investor relations, assumed the CEO position on an interim basis after Maurano's departure.

Azevedo Silva Rothe currently serves as vice president of financial management and investor relations at Banco do Brasil, an institution he joined in 1982.

The appointment of a new BB Seguridade CEO comes amid a management shakeup at multiple state-run lenders after the inauguration of Jair Bolsonaro as Brazil's new president. Banco do Brasil recently named several vice presidents as part of an organizational restructuring.