Wall Street Journal | April 14, 2011 | Diana Kinch
Brazilian blue chips showed mixed performance. Telephone operator Tele Norte Leste Participacoes S.A. (TMAR5.BR), or Oi, soared 5.30% to 59.80 Brazilian reais ($37.84),the highest gainer on the Bovespa exchange, after it announced that Luiz Eduardo Falco will leave his position as chief executive by the end of the first semester of this year, and that a headhunter firm has been appointed to find a replacement.
Falco had served as CEO for the past 10 years. Under his leadership, Oi emerged as Brazil’s largest fixed-line operator. The company controls about 40% of the broadband Internet market, as well as a slightly less than 20% share of the mobile-phone market.
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