- Eduardo Navarro de Carvalho is taking over as chief executive officer at Telefonica Brasil (VIV -6.2%), replacing Amos Genish, in the first major executive move since Jose Maria Alvarez-Pallete took over as Telefonica chairman (TEF +1.4%).
- The move was apparently in the works for months, but announced earlier due to leaks from a journalist prodding about the transition.
- Navarro is already chairman and chief commercial digital officer at Telefonica Brasil. He'll work with Genish on a transition set to complete Jan. 1.
- Genish is leaving for personal reasons and says he won't work for another telecom "at least for a few good years."
- Analysts at Bradesco BBI downgraded shares of the stock to Neutral: “One of the main pillars of Telefonica Brasil’s investment thesis, top-notch management, has weakened with Amos’ resignation, increasing execution risk for synergy gains and ongoing market share gain."