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Oi CEO’s resignation throws PT merger into question

Zeinal Bava, CEO of Brazilian integrated operator Oi, has announced his resignation from the group.

Bava will be temporarily succeeded by CFO Bayard Gontijo until a replacement is appointed by the operator’s board. No deadline for this has been disclosed.

Oi’s in-process merger with Portugal Telecom – agreed in 2013 - could be derailed by Bava’s resignation, considering his instrumental role in arranging the deal. The company has stated that “no decision has been made regarding the sale of its assets in Portugal, nor had it received any such offers”.

Reportedly, French operator Altice has bid for the Portuguese incumbent. Divesting this asset would enable Oi to shift its attention to Brazil. The operator seems to be narrowing its international focus, stating that it wishes to sell its stake in Africatel Holdings.

 

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