BRF approves Marfrig's Molina as chairman

Molina now has greater influence on the company
calendar icon 30 March 2022
clock icon 1 minute read

Brazilian meatpacker BRF SA approved on Monday the nomination of Marfrig's controlling shareholder Marcos Molina as the company's new chairman, in a move that expands his influence over the company's management, reported Reuters.

Marfrig is currently the largest BRF shareholder and previously said that it wished to appoint its own board members after buying a 33.3% stake.

At a shareholders meeting, BRF also approved the appointment of Santander Brasil Chairman Sergio Rial as vice-president of the board, according to the meeting minutes. Rial's nomination was also proposed by Marfrig.

Marfrig started building its stake in poultry and pork processor BRF in May 2021 but said at the time the move was aimed at diversifying its holdings rather than influencing management.

The latest move comes almost three years after previous failed merger talks between the two companies.

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