Brazil’s loss-making food company BRF is to see the departure of CEO Pedro de Andrade Faria by year-end, with the announcement coming just a week after the appointment of a new chief financial officer.

After a meeting of the Brazilian meat giant’s board yesterday (31 August), a statement said the succession process and recruiting for a new CEO has begun. Faria will remain in the leadership position until 31 December and will take part in the “transition process”.

Lorival Nogueira Luz Jr was brought in as CFO in August to replace Jose Alexandre Carneiro Borges, who resigned in March.

The management changes at the owner of brands Sadia, Perdigao and Qualy come after the company reorganised its geographical structure in July following a first-half loss of more than US$140m, adding to a similar performance for all of 2016.

BRF was one of the Brazilian firms that came under investigation by police earlier this year over alleged bribery of agriculture officials. Operations were consequently suspended in March at its Mineiros factory in the south western state of Goias, instigated by the Ministry of Agriculture, Livestock & Food Supply.

Faria became BRF CEO in 2015 after being promoted to the position of CEO of its international operations. Prior to joining BRF, Faria was CEO of Brazilian investment firm Tarpon from 2003.