Oi board to meet after sudden resignation of CEO

Oi board to meet after sudden resignation of CEO

The board of bankrupt Brazilian operator Oi is meeting today to discuss the company’s strategy after the resignation of CEO Marco Schroeder on Friday.

Schroeder left the company just two weeks before a creditors’ meeting that will decide how to extricate the company from its $19 billion bankruptcy.

According to a resignation letter quoted by the Bloomberg news agency he saw “great challenges” ahead and decided he could no longer work with the board. “The most recent meetings of the board of directors have made the necessity of my exit clear,” he wrote, according to the agency.

Schroeder is a former CFO of Portugal Telecom and had a similar role in Oi before the two companies were split. Portugal Telecom is now PT Telecom, owned by Altice. He became CEO of Oi in June 2016, just before the company sought bankruptcy protection.

Anatel, the Brazilian telecoms regulator which is one of Oi’s biggest creditors, must approve any deal to take the company out of bankruptcy.

Among the solutions reportedly being considered for Oi are a merger with TIM Brasil, owned by the former Telecom Italia, and an investment from China Telecom.

Schoeder has worked in the Brazilian telecoms industry for at least 20 years, for much of the time with Oi and its predecessors.

Gift this article