They had been away from their roles in the company since 2017, after the plea deal involving former president Michel Temer
A JBS announced, in a press release to the market, the appointment of the Wesley brothers and Joesley Batista to its board of directors. Since their returns represent additions, the number of board members will increase to 11, with an independent majority (from 7 to 4).
Wesley and Joesley Batista are partners J&F, a holding company that holds control of JBS. They began their professional journey with the company at the ages of 17 and 16 respectively, leading its global expansion. However, they left their positions in the company in 2017, after the plea deal involving the former President of the Republic Michel Temer.
The public rehabilitation movement and the brothers’ return to prominence had already been signaled in February, when they were appointed members of the board of directors of Pilgrim’s Pride, a North American chicken meat company that is part of the JBS group.
As of late October 2023, the Securities and Exchange Commission (CVM) he acquitted the entrepreneurs three counts of insider trading (using inside information in negotiations). The process initiated by the Superintendence of Commercial Relations (SEP) of the CVM accused the two entrepreneurs of having voted to approve their accounts in 2017.
Wesley Batista, 53, was global CEO of JBS for six years. In this position he led the company’s entry into the chicken meat industry and expansion with the acquisitions of XL Foods (Canada), Seara (Brazil), Cargill Pork (United States), Primo (Australia) and Moy Park (United Kingdom). Previously, he was president of beef operations at JBS in Brazil and Argentina. He also chaired JBS USA.
Joesley Batista, 52, started working as a manager at Flora Harmonia and Cosméticos. After having commanded the Friboi slaughterhouse in Goiás, he took over the financial management of the company. He worked on expanding the company with the acquisition of assets such as Swift USA in 2007, when he took over as president of JBS.
JBS posted a loss of R$1.061 billion in 2023, having reversed a profit of R$15.5 billion a year earlier. The company reported that net revenue last year was R$363.8 billion, a decline of 2.9% compared to 2022. Adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) is amounted to R$17.1 billion, a loss of 50.4%, with a margin of 4.7% (drop of 4.5 percentage points).
Source: Terra
Ashley is a professional author and journalist, working at 247 News Update. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. She brings a unique perspective and in-depth analysis to her work.
