August 20, 2019 / 11:58 AM / a year ago

Brazil's Oi largest shareholder requests CEO change- report

SAO PAULO, Aug 20 (Reuters) - The largest shareholder in Brazilian carrier Oi SA, GoldenTree Asset Management, has requested the company to replace its Chief Executive Officer Eurico Teles, Brazilian newspaper O Estado de S. Paulo reported on Tuesday.

In a letter sent to the board by the asset manager, GoldenTree, which holds a 14.5% stake in the company, said Oi needs a CEO "that may execute the operational restructuring recently proposed", the paper said, mentioning the letter was dated August 16.

Oi has filed for Latin America's largest bankruptcy protection proceeding three years ago, and asset managers are now its largest shareholders, after the conclusion of a debt-for-equity swap.

Oi and GoldenTree did not immediately respond to a Reuters request for comment. (Reporting by Tatiana Bautzer)

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