The devaluation suffered by the meat processor occurred after its Board of Directors unanimously approved the appointment of JBS founder José Batista Sobrinho, father of brothers Wesley and Joesley Batista, as the new Chief Executive on August 16.

Sobrinho, founder of the Group and aged 84, returns to command after the arrest of his two sons. According to local press, the Batista family was determined to appoint Wesley Batista’s son to the post but it risked further conflicts with the BNDES, the Brazilian Development Bank which owns 21.3% of the group’s shares.

He will be closely advised by three top JBS executives, including Gilberto Tomazoni, JBS’ Global Head of Operations; Andre Nogueira, CEO of JBS USA; and Wesley Batista Junior, the 25-year-old son of the jailed former CEO who heads JBS USA’s beef division.

Sources: Reuters/Estadao