SAO PAULO – Brazil’s leading airline TAM SA (TAM) named Brazilian banker Andre Esteves to its board of directors, the company announced late Friday.
Esteves is chief executive of Brazilian investment firm BTG, which announced earlier this year the acquisition of UBS Pactual from Swiss banking giant UBS AG (UBS) for $2.5 billion.
In addition, TAM also named its former CEO, Marco Antonio Bologna, a member of its board.
Esteves and Bologna will replace former TAM board members Pedrom Pullen Parente and Adalberto de Moraes Schettert.
Maria Claudia Oliveira Amaro continues as board president, while Mauricio Rolim Amaro remains vice president.
Last week, TAM Empreendimentos e Participacoes, or TEP, the holding company that controls TAM, hired BTG to manage its interests with the goal of further developing the businesses.