It’s a family affair.
Brothers Joesley and Wesley Batista, shareholders of J&F Investimentos, the parent company of JBS SA, were unanimously appointed to the board of directors for chicken processor Pilgrim’s Pride, effective Feb. 8, according to a recent investor filing.
The two replaced Joanita Maestri Karoleski, the president of the JBS Fund for the Amazon rainforest, and Wesley Batista Filho, the CEO of JBS USA and son of Wesley Batista.
The resignations “were not the result of any disagreement” related to company operations, policies or practices, according to an 8-K filing dated Feb. 9.
The Batista Brothers bring more than 35 years of experience in the meat industry to their new roles, including operational and managerial expertise. The move is a return for the brothers, who were previously on Pilgrim's board but stepped down in 2017 amid ties to a vast corruption scandal in Brazil.
As part of that scandal, the Batistas admitted to bribing more than 1,800 politicians and officials, including former President of Brazil Michel Temer. After serving jail time, the Batistas returned to their management roles at J&F under the unique circumstances of the COVID-19 pandemic, according to a ruling from Brazil’s Superior Court of Justice.
In recent years, the two have worked to prepare JBS for a dual-listing opportunity in the U.S. The effort has been met with resistance from activist groups, lawmakers and others who do not trust the company’s leadership.
The Pilgrim’s board of directors welcomed the Batistas in a statement to the media, highlighting their decades of experience and roles in saving the chicken processor from Chapter 11 bankruptcy in 2009 following the financial crisis. JBS owns about 80% of Pilgrim’s Pride.
The board said it “looks forward to their continued contributions to the success of the company.”
The Batista brothers will receive no compensation for their service on the board of Pilgrim’s Pride, according to the investor filing. They also have no special arrangements or understandings with the company and are not expected to serve on any committees.
