The CEO is not interested in being appointed for a second term, Navigator announced this Wednesday. Simultaneously, the company has published its 2018's results, having reached €225M in profits.
The CEO of Navigator, Diogo da Silveira, has not shown interest in being reappointed as the head of the paper company. The company informed the markets that the current CEO has expressed this intention, with his mandate due to finish on April 9. On that date, there will be a shareholders meeting, and on the agenda for that meeting is the appointment of the new governing bodies. Until a new CEO is appointed, José Castello Branco, the chairman of Navigator, will step in and replace Silveira.
“The Navigator Company, S.A. informs that Mr Diogo da Silveira, member of the Board and Chairman of the Executive Committee of the Company, expressed his will not to be appointed for the new term of office of the Board of Directors, which begins this year. Mr Diogo da Silveira considers that he has successfully accomplished the mandate to which he had been appointed in 2014, aiming to rejuvenate and diversify the Company”, the information note to CMVM, published this Wednesday, shows.
Diogo da Silveira’s withdrawal as CEO happens five years after he assumed the leadership position at The Navigator company.
By April 9, Diogo da Silveira will resume his term, and that same day the executive board will meet and choose the new Navigator’s governing bodies. Meanwhile, José Castello Branco will be replacing him as CEO, until a new one is appointed.
The Board of Directors of the company has also acknowledged the excellent performance of the company during Diogo da Silveira’s term, emphasizing the diversification of Navigator’s activity and the transformation and modernization its staff achieved during these years, alongside a new corporate image and management methods.
The CEO’s departure from the Navigator company was announced on the same day as the company’s results were published. Navigator’s profits got to €225M in 2018, representing an 8% increase in comparison to 2017. The company noted that the increase in prices has helped compensate for the production stoppage costs.