Azevedo Pereira replaces Teixeira dos Santos in the EuroBic leadership

election of new governing bodiesJosé Azevedo Pereira is expected to be EuroBic’s next CEO, replacing Fernando Teixeira dos Santos, verified the ECO with two sources that know the process. The bank’s new CEO will have to pass the ‘fit and proper’ sieve of the Bank of Portugal, but previous consultations will have received favorable signals from the supervisor and will be approved by the shareholders (as well as the new management team of the institution) in a general meeting to be held on September 14. But there is more news: The new chairman will be Pedro Maia, until now non-executive director and who will replace Diogo Barrote.

It was already known that the current administration was coming to an end. On the one hand, because EuroBic is being sold (the process has known developments in recent weeks) and the new shareholder will choose a team of his confidence – which is why the last general meeting dropped the election of new governing bodies until the sale was completed. On the other hand, because the supervisor presses for a change in the current management whose term ended last December, fearing that the sale process will drag on for too long.

In fact, the changes are there and a general meeting of shareholders has already been scheduled to approve the new managers. Besides Teixeira dos Santos, Fernando Teles, Rui Pedras, Pedro Almeida e Silva and Bernardo Espírito Santo are expected to leave the current board of directors. Manuel da Luz will remain as a financial administrator, while José Azevedo Pereira, former general director of the Tax Authority and who arrived at the bank a little over a year ago to take charge of Risk Management, among others, will go up to the CEO position.

ECO knows that the independent director Duarte Pitta Ferraz will preside over the audit committee, a new body within the board of directors, replacing the Audit Committee. Susana Ferreira, until now president, will become the executive director.

Officially, none of the parties involved in this process (shareholders, EuroBic and Banco de Portugal) made comments on the changes in perspective.

According to the ECO, since the new management may have a short term of validity, due to the sale of the shareholder position of Isabel dos Santos (whose voting rights are suspended) and Fernando Teles, besides other small Angolan shareholders, there will be an agreement establishing that the new administrators will be entitled to receive one year’s salary from the moment the bank’s sale is effected and the latter will indicate another management.