Marfrig chief executive Sergio Rial has decided to leave the Brazil-based meat giant, the company announced today (15 January).

“The board of directors of the company accepted the resignation of Mr. Sergio Rial from the role of chief executive Officer of Marfrig Global Foods and appointed Martin Secco Arias, currently the CEO of Marfrig Beef Southern Cone, to replace him. This appointment will be effective as from February 16, 2015,” the company said in a statement.

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Further details are yet to be revealed but the company said it will hold a conference call to discuss the news later today.

Marfrig saw net profits come under pressure in 2014 due to its high levels of leverage. Finance costs and foreign exchange expenses have offset improvements in its operating result. The company plans to list its European arm, Moy Park, during 2015 – if conditions are appropriate. Cash would be used to paydown debt and fuel international expansion.

The company hired Rial to lead its processed foods arm in 2012. He became group CEO last year, with then chief executive Marcos Antonio Molina dos Santos moving to the role of chairman.

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