OGX board hires restructuring consultant Angra, shakes up management

By Caroline Salls

Pittsburgh, Oct. 17 - OGX Petróleo e Gás Participações SA's board of directors nominated Paulo Narcélio Simões Amaral as the company's new chief executive officer and hired consulting firm Angra Partners, led by Ricardo Knoepfelmacher, to coordinate and advise OGX in its restructuring process, according to a news release.

The new CEO position will be combined with the positions of chief financial officer and investor relations officer and will replace Luiz Eduardo Guimarães Carneiro.

In addition, José Roberto Penna Chaves Faveret Cavalcanti is no longer the company's legal officer. Darwin Corrêa will act as legal counsel for the board of directors.

According to the release, an extraordinary general meeting was requested to be held on Nov. 1 to dismiss and elect board members.

OGX's management will hire a consulting firm to perform an audit of its business and operations from 2008 to 2013.

The board said its resolutions aim to strengthen the company's management to reassess its strategy and to prepare and implement a restructuring project that meets the best interests of shareholders, employees and creditors.

The oil and natural gas company is based in Rio de Janeiro.

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