BTG Pactual Chairman Arida quits; Kalim to replace him: Reuters

Grupo BTG Pactual SA said on Wednesday that Chairman Persio Arida has quit for personal reasons, amid a management and board reshuffle at Latin America’s largest independent investment bank.

Arida, who became chairman in December last year, will be replaced by Roberto Kalim, currently BTG Pactual’s co-chief executive officer, according to a securities filing. Roberto Sallouti will become the bank’s sole CEO as a result of the changes, the filing said.

James Oliveira has also decided to leave the group of BTG Pactual’s controlling shareholders, known as the top seven partners, and will be replaced by partner Jose Zitelmann. In addition, Guillermo Ortiz, a former president of Mexico’s central bank, will join BTG Pactual’s board.

The São Paulo-based bank on Tuesday posted a 56 percent slide in net profit in the third quarter, the steepest on record, as it spun off a commodities sales and trading unit and sold a Swiss private banking unit.

Management will discuss results and the reshuffle at the board at a conference call with investors later in the day.