Oi S.A. (OIBR)

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Oi Surges 18% on New CEO

By Ben Levisohn

When a stock has lost nearly half its value, there are few better ways to shake things up than by naming a new CEO. And that’s exactly what Brazilian telecom company Oi SA (OIBR) has done.

Portugal Telecom CEO Zeinal Bava will exit that position to turn around beaten down Oi, which has dropped 47% this year. It fired its CEO Francisco Valim earlier this year, according to Dow Jones Newswires.

Shares of Oi have jumped 20% to $2.26 today, but remain down 44% this year. The iShares MSCI Brazil Capped Index ETF (EWZ) has fallen 0.2% to $51.38.