Reuters: Financial Services and Real Estate: Brazil's Eike Batista hands off CEO duties at OGX

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Brazil's Eike Batista hands off CEO duties at OGX Apr 28th 2012, 00:50 Fri Apr 27, 2012 8:50pm EDT * Billionaire founder passes CEO role to current COO * Reflects focus on production, which began in Jan RIO DE JANEIRO, April 27 (Reuters) - Brazilian billionaire Eike Batista will hand off the role of chief executive at his oil company OGX, the company said in a Friday securities filing, as the firm he founded five years ago shifts its focus to ramping up production. Batista, Brazil's richest man, will remain chairman of OGX's board, while Paulo Mendonça, the current chief operating officer and director of exploration and reserves, will take over as chief executive. Paulo Ricardo dos Santos, who formerly ran exploration of the Campos and Espirito Santos Basins, will replace Mendonça as director of exploration and reserves. The head of production, Reinaldo Belotti, assumes the title of chief operating officer. OGX's management changes come a day after a ceremony marking the symbolic first extraction of oil, after the company started producing from its Waimea field in January. The new structure reflects the company's evolving focus, from a $4 billion startup searching for offshore oil to a producer aiming for output of 1.4 million barrels a day by 2020, more than half of Brazil's current production. OGX also said Roberto Monteiro, currently chief financial officer of Batista's shipbuilder OSX, will assume the same role at OGX. João Borges Neto will replace him at OSX. OGX's former CFO Marcelo Torres is leaving the company to pursue personal projects, the company said. Link this Share this Digg this Email Reprints

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