Brookfield's Brazilian homebuilder taps Freitas as CEO

Fri Jul 3, 2015 11:24am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

SAO PAULO, July 3 (Reuters) - Brookfield Incorporações SA, a hard-pressed Brazilian homebuilder controlled by Canada's Brookfield Asset Management Inc, named a new chief executive officer on Friday.

Holding company Brookfield Brasil said in a statement that industry veteran Ubirajara Spessotto de Camargo Freitas will take over as CEO, replacing Nicholas Reade, who will become the company's chairman.

The appointment of Freitas still must be ratified by the board of Brookfield Incorporações.

Freitas, known by his nickname of "Bira", worked previously for Cyrela Brazil Realty SA and has more than 30 years' experience in the homebuilding industry.

Reade, who will turn 70 this month, had asked to step down as CEO, the statement said.

Brookfield bought full control of Brookfield Incorporações last year in an effort to turn around a company grappling with cost overruns, project delays and canceled contracts. (Reporting by Guillermo Parra-Bernal; Editing by Peter Galloway)