Banco do Brasil SA said Márcio Luiz Moral and Carlos Alberto Araújo Netto resigned as director for the corporate bank director and as director for strategy and organization, respectively.

Moral first joined the bank in 1983, and from 2012 to 2015, he was the executive manager for the corporate bank and international business and affairs division, according to a Valor Econômico report.

Araújo Netto, meanwhile, was appointed to his post in 2017.

Incoming economy minister Paulo Guedes recently named Rubem Novaes as the new head of Banco do Brasil. In turn, Novaes tapped Francisco Basílio as a vice president for agribusiness at the bank.