Brazil’s Camargo Correa chairman Hallack quits

Aug 26 Vítor Sarquis Hallack has stepped down as chairman of Brazil’s Camargo Correa SA as the Brazilian engineering company involved in the country’s worst corruption scandal moves to transform itself into an investment holding firm, O Estado de S. Paulo newspaper reported on Friday.

According to Estado, Camargo Correa, which was founded in 1939 as a civil construction company, is intensifying the search for a replacement for Hallack, who was chairman for about 10 years. The grandchildren of founder Sebastião Camargo occupy most of its board seats.

“The integration of the controlling family’s third generation into the command of the holding company is the natural path and the result of long-term planning,” Hallack said in a statement sent to Estado.

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