JBS Replaces CEO

JBS has replaced its CEO, Joesley Batista, with his brother, Wesley Batista, according to a company press release. The Brazilian beef producer recently failed in its attempt to acquire the meat assets of Sara Lee in the US. Wesley has been CEO of JBS USA for the last 4 years, focusing on restructuring, expansion and integration of the North American and Australian assets. Joesley will remain as chairman. JBS closed up 1.11% at BRL6.37 Tuesday.