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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.944+0.5%Nov 28 9:30 AM EST
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To: Steve Fancy who wrote (6213)7/31/1998 7:21:00 PM
From: Steve Fancy  Read Replies (1) of 22640
 
Telebras (NYSE:TBR) names Ronaldo Rangel as president

Reuters, Friday, July 31, 1998 at 18:44

NEW YORK, July 31 (Reuters) - Brazilian telecommunications
group Telebras S.A. said Friday it had named Ronaldo Rangel de
Albuquerque as president of the company.
Telebras, which was privatized two days ago in the largest
auction in the country's history, said in a statement that
Rangel would replace Fernando Xavier Ferreira as president.
Rangel would also take over from Dalton Jose Ribeiro de
Magalhaes as director of business, it said.
The appointment was one of three changes made to its board
of directors.
Telebras said Minoru Oda would replace Haroldo Wangler
Cruzeiro as vice president and Helio Marcos Machado Graciosa as
director of research and development.
Jonas de Oliveira Junio would replace Fred Marcos Zamagna
Padilha as director of finance and investor relations and
Geraldo Pereira de Araujo as director of network, it added.
It did not elaborate and a spokeswoman for the company in
New York could provide any details.
On July 29, the country's government broke up Telebras into
12 companies and sold the controlling interest in each of them
for a combined total of more than $18 billion.
The American Depositary Receipt (ADR) in Telebras ended
3-8/16 lower at 121-1/16 on the New York Stock Exchange, while
the new umbrella company for the 12 entities (NYSE:TBH) dropped
4-1/16 to close at 121-9/16.

Copyright 1998, Reuters News Service
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