Brazil corporate shake-up as Cosan CFO jumps to Motiva

About this update from Banco Btg Pactual Sa

Brazil saw on Friday a management reshuffle in some of its largest companies triggered by the resignation of the CFO of conglomerate Cosan BMFBOVESPA:CSAN3, Rodrigo Araujo, who will join toll-road operator Motiva BMFBOVESPA:MOTV3.Araujo will start as Motiva's CFO on January 5, the company said in a securities filing.He had previously served as finance chief of state-run oil giant Petrobras.Cosan selected the CFO of sugarmaker Raizen BMFBOVESPA:RAIZ4, Rafael Bergman, to replace Araujo starting on December 5.Raizen, a joint venture of Cosan and Shell LSE:SHEL, tapped former meatpacker BRF's CEO Lorival Luz to replace Bergman.Cosan and Raizen have struggled with high debt levels in recent quarters.

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