Brazilian food group BRF has appointed Claudio Galeazzi as its new CEO.

Galeazzi is a former chief executive at Brazilian retail giant CBD, founded by BRF chairman Abilio Diniz. He will replace the retiring José Antonio Fay, who has been BRF boss since 2008. Fay will work with Galeazzi until the end of the year, the company said in a filing. 

Galeazzi joins from investment bank BTG Pactual, which he joined as a partner in 2010 after two years at CBD, also known by its trading name of Grupo Pao de Acuar.

His appointment at BFR comes four months after shareholders elected Brazilian tycoon Diniz as BRF’s chairman.

It is understood Jose Eduardo Cabral, BRF’s vice-president for the domestic market, and Wilson Newton de Mello Neto, vice-president of institutional affairs, will also be leaving the company, Bloomberg reported.

The management changes come as BRF sets out a strategy to boost “sales productivity” and “optimise” its product portfolio, as well as its performance in areas like logistics.

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“The board of directors would like to take the opportunity of thanking Mr. Fay for his efficient performance and dedication particularly in implementing one of the largest mergers ever to be concluded in the Brazilian market,” BRF said. “Special thanks should also go to the other executives who will not be staying with the company but who have had a fundamental role in its development.”