RIO DE JANEIRO, June 4, 2013 /PRNewswire/ -- Oi S.A. ("Oi" ) ,
pursuant to article 157, paragraph 4 of Law No. 6,404/76 (the
"Brazilian Corporation Law") and in accordance with CVM Instruction
No. 358/02, discloses that in a meeting held on this date, its
Board of Directors, following the recommendation of Telemar
Participacoes S.A., approved the replacement of the current
Chief Executive Officer of Oi and its subsidiaries, Mr. Jose
Mauro Mettrau Carneiro da Cunha, by Mr. Zeinal
Abedin Mahomed Bava, to serve
his current term ending on the first meeting of the Board of
Directors to be held after the 2014 Ordinary General Shareholder's
Meeting. Mr. da Cunha returns to the Board of Directors of Oi as
Chairman, from which position he stepped down on January 22, 2013. Also on this date, as a result
of his election as CEO of Oi, Mr. Bava resigned his position as a
member of the Board of Directors of Oi.
Until today, Mr. Bava had presided over the Executive Committee
of Portugal Telecom, SGPS, S.A. ("Portugal Telecom") (the holding
company of the Portugal Telecom Group responsible for investments
in Portugal, Africa, Asia
and Brazil). In this capacity, he
contributed crucially to the formation of the Industrial Alliance
currently in place between the Oi Group and Portugal Telecom, a
strategic partnership whose objective is to combine the benefits of
the scale and geographic diversity that the Brazilian Market offers
with the experience of the Portugal Telecom Group in the
development of innovative and technologically advanced solutions to
corporate clients, through the convergence of fixed-line and mobile
telephone communications services with subscription television.
During the development of this strategic partnership, Mr. Bava
acquired a strong understanding of the Oi Group, having actively
participated in several of the group's significant management
committees, particularly the Engineering and Network, Technology
and Innovation and Product Offer Committees, which he currently
heads. His deep understanding of the Group and the work undertaken
by the Engineering and Network Committee have contributed
significantly toward the ever-integrated and convergent operational
management of the Oi and Portugal Telecom Groups, wholly supporting
the confidence the strategic shareholders of these two groups
placed on him.
Mr. Bava will continue to have a role in Portugal, participating in the strategic
innovation projects and combined workstreams of Oi and
Portugal Telecom, a key factor to permit the optimization of the
sinergies between the Oi and Portugal Telecom Groups and to
contribute to the success of the objectives defined by the
strategic partnership.
Mr. Bava, age 46, holds a degree in electrical engineering and
electrotechnology from University College London. He was named
"Best CEO" in the telecommunications sector in Europe by Institutional
Investor in 2010, 2011, 2012 and 2013 and the sixth "Best
CEO" in Europe in all sectors by
the 2011 Thomson Reuters Extel Survey. Having joined the Portugal
Telecom Group in 1999, Mr. Bava was appointed Chief Executive
Officer of Portugal Telecom in April 2008. Throughout his 14
years at the Portugal Telecom Group, Mr. Bava performed several
functions, having led the financial and principal business
departments of Portugal Telecom. Formerly, he was an executive
officer at Merrill Lynch International, Deutsche Morgan Grenfell
and Warburg Dillon Read.
Corporate Taxpayers' Registry (CNPJ/MF) No.
76.535.764/0001-43
Board of Trade (NIRE) No. 33.30029520-8
Publicly-Held Company
Tickers: OIBR3, OIBR4
Alex Waldemar
Zornig
Investor Relations Officer
SOURCE Oi S.A.