By Roberto Samora and Andre Romani
SAO PAULO, Aug 10 (Reuters) – Brazil’s JBS, the world’s largest meatpacker, said on Monday it had named Wesley Batista Filho as chief executive effective January 2027, while posting an unexpected net loss for the second quarter despite record revenue.
The leadership announcement marks JBS’ first CEO change in eight years and returns a member of the founding Batista family to the group’s top operating role.
Shares in U.S.-listed JBS settled down about 5.8% after the CEO swap was revealed late in the session. They fell an additional 2% in extended-market trading following the earnings release.
A BATISTA BACK AS CEO
Batista Filho, 34, currently head of JBS USA, will replace Gilberto Tomazoni, who has been CEO since 2018. Tomazoni will become vice chairman of the board and a senior adviser, JBS said in a securities filing.
Batista Filho is the son of Wesley Batista, who, together with his brother Joesley Batista, controls J&F, the family holding company that controls JBS.
“This is a transition defined by continuity,” Batista Filho told Reuters. “A new CEO often needs time to understand the business and set a direction. That is not the case here. This transition should be very straightforward.”
He joined JBS in 2011 and has held senior roles across several of the company’s main businesses, including beef and poultry operations in Brazil and activities in Uruguay, Paraguay and Canada, before taking over JBS USA in 2023.
The executive said JBS would focus on expanding in the Middle East, Southeast Asia and Oceania, following a deal in Indonesia last week, while also investing in higher-value products and growing its egg and fish businesses.
The last member of the Batista family to serve as JBS chief executive was Jose Batista Sobrinho, the company’s founder and father of Wesley and Joesley Batista. He was replaced by Tomazoni.
The family stepped back from leadership roles after the Batista brothers became embroiled in a corruption scandal in Brazil. Both were arrested in connection with allegations of insider trading linked to a sealed plea agreement and were later acquitted. The brothers returned to JBS’ board in 2024.
NET LOSS, REVENUE BEAT
The CEO announcement came hours before JBS posted a $102 million net loss for the April-June quarter, compared to a $528 million profit a year ago, hit by non-recurring effects such as an antitrust settlement and debt tender offers.
Analysts in an LSEG poll expected a $379 million profit.
JBS has been facing a challenging scenario for its main U.S. beef business amid a scarce cattle supply, which has hit its margins in the country. In June, it announced the closure of plants in Pennsylvania and in Tennessee.
Batista Filho said he believes the cattle supply in the U.S. will improve by the first quarter of 2027, following the Trump administration’s lifting of a ban on imports of Mexican cattle.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) stood at $1.43 billion, down 18.5% from a year before but in line with the $1.44 billion estimated in the LSEG poll. The adjusted EBITDA margin stood at 6.0%, down from 8.4% in the year-earlier period.
Meanwhile, net revenue reached a record $23.9 billion, beating the $22.9 billion expected in the analyst poll.
(Reporting by Roberto Samora and Andre Romani; Editing by Brendan O’Boyle, Kylie Madry, Andrea Ricci and Chris Reese)
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