SAO PAULO, Sept 26 (Reuters) - Brazilian power company Eletrobras on Tuesday appointed Eduardo Haiama as its new chief financial officer, a move that was welcomed by markets as Latin America's largest utility led gains on Brazil's benchmark stock index.
Haiama, a former CFO of Equatorial Energia, was elected by the board of directors to replace Elvira Cavalcanti Presta, who resigned from her role, Eletrobras said in a securities filing.
Presta's departure follows the resignation of former chief executive Wilson Ferreira Junior, who announced last month he would put an end to his second stint as the company's CEO after less than a year in the role.
JPMorgan analysts said Presta's decision was seen by many as natural after Ferreira left the company, adding that Haiama's arrival should be welcomed by investors as he has implemented successful turnaround cases in the distribution segment.
"He is perceived as equipped to continue the work of the former CFO and to keep delivering cost cutting, liability management, fiscal optimizations, among other things," the analysts said.
Shares of Eletrobras rose as much as 5% on Tuesday before paring some gains, making it the best performer on Brazil's Bovespa stock index, which slipped 0.8%.
Until Haiama takes office, Eletrobras said Strategy and Business Development Director Elio Wolff will hold the position on an interim basis.
Eletrobras was
privatized
last year, when the federal government diluted its stake in the utility in a $6 billion share offering. (Reporting by Gabriel Araujo; Editing by Steven Grattan)
