Wesley Batista Filho has been named the new CEO of JBS, a leading meat processing company, reinstating leadership within the family of founding shareholders.
Taking the helm in January, Batista Filho, who is the grandson of founder José Batista Sobrinho and the son of former CEO Wesley Batista, will succeed Gilberto Tomazoni in the top position. Tomazoni will transition to the role of vice chairman on the board of this Brazil-based conglomerate.
Tomazoni, who has been at the forefront of JBS as global CEO for the past eight years, will also assume the title of “senior adviser” following this leadership change.
In his new role, Batista Filho will move from serving as CEO of JBS USA, the company’s North American division.
According to a company statement, this transition “reflects the company’s commitment to thoughtful succession planning.” No further details were shared regarding the reasons for the leadership switch. Notably, JBS reported a second-quarter loss of $102 million, despite a 14% rise in sales, totaling $23.9 billion. However, metrics such as EBITDA, operating income, and earnings per share saw declines.
“I’m honored to take on this responsibility and build on the extraordinary work accomplished by Tomazoni during his tenure as CEO,” said Batista Filho regarding his appointment.
He emphasized their strong working relationship, having collaborated closely for over a decade, and noted, “Our priorities remain clear: supporting our team members, serving our customers and producer partners, operating with excellence, and creating long-term value for our shareholders.”
Since 2023, Batista Filho has led JBS’s North American operations, having joined the company in 2011. He has undertaken various positions, including President of the Canadian division and CEO of the Brazilian unit.
Furthermore, he previously served as CEO of Seara, a group brand that specializes in convenient meat products and plant-based alternatives.
Tomazoni, who joined JBS in 2013, began as the global president of the poultry division and has also overseen Seara.
In addition to his CEO role, Tomazoni has a seat on the JBS board and served on the board of Pilgrim’s Pride, a US-based meat processor majority-owned by JBS, for 13 years.
“Wesley has a track record of success at JBS and knows our business deeply,” Tomazoni stated, expressing confidence that Batista Filho is well-equipped to lead JBS into its next chapter. He noted, “He understands our business, our culture, and our people, and I believe he will continue building on our strong foundation while steering the company toward new opportunities for growth and value creation.”
Wesley Batista and his brother Joesley, sons of José Batista Sobrinho, are major shareholders in the family holding company, J&F Investimentos, which holds the majority stake in JBS.
In 2017, both Wesley and Joesley were implicated in insider trading allegations involving the use of confidential information to profit from currency exchanges related to share sales.
Wesley Batista was serving as global CEO until a court order suspended him in 2016 amid ongoing insider trading investigations. He had taken over the role in 2011, succeeding his brother, who then became chairman.
When the controversy arose, his father replaced Wesley in 2017, after which Tomazoni assumed the global CEO position the following year.
The recent financial results from JBS highlighted challenges facing the company. Adjusted EBITDA was down 18% on an IFRS basis, standing at $1.43 billion, while under GAAP, it declined by 8% to $1.26 billion.
Adjusted operating income (IFRS) plummeted 34% to $790 million, decreasing 16% to $866 million under GAAP metrics.
The company reported an earnings per share loss of $0.10, a stark contrast to a profit of $0.48 from the previous year, with adjusted EPS more than halving from $0.52 to $0.20.
Following the announcements made on August 10, JBS’s shares on the New York Stock Exchange fell by 5.76%, closing at $13.41.