Usiminas has picked veteran executive Sergio Leite as its new CEO, a source briefed on the matter said on Wednesday, as the Brazilian flat steelmaker battles to turn around a business hurt by a steep recession, foreign imports and rising debt.
Six of the 11 board members of Usiminas endorsed Leite as chief executive at a meeting on Wednesday, according to the source, who requested anonymity because of the sensitivity of the issue. Three others rejected his nomination and the rest abstained, the source said.
The media office of Belo Horizonte-based Usiminas, Brazil's largest publicly traded maker of flat steel products, declined to comment on the matter.
Apart from controlling shareholders Nippon Steel & Sumitomo Metal Corp and Techint Group, the Usiminas board includes representatives of its employees, pensioners and minority shareholders, including rival Cia Siderúrgica Nacional SA.
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