Brazilian Steelmaker Gerdau Names New CEO

SÃO PAULO -- Brazilian steelmaker Gerdau SA on Thursday said it appointed a new chief executive and announced that the company's founding family will no longer hold executive positions in the group.

André Gerdau Johannpeter, current CEO, and executive Vice Presidents Claudio Johannpeter and Guilherme Gerdau Johannpeter will dedicate themselves exclusively to the group's boards of directors, where they already hold positions, Gerdau said Thursday.

Gerdau's board picked Gustavo Werneck da Cunha, 44, current executive director of operations in Brazil, as the new CEO, effective January 1, 2018.

The next four months will be focused on the transition, which the group described as "an important step in the evolution of its corporate governance."

Write to Luciana Magalhaes at Luciana.Magalhaes@wsj.com

(END) Dow Jones Newswires

August 24, 2017 09:56 ET (13:56 GMT)