Correios Board Approves Banco do Brasil Executive Emmanoel Schmidt as President

Overview

• Directors ratified Schmidt’s nomination on Sept. 19 after a Casa Civil push endorsed by President Luiz Inácio Lula da Silva.
• Schmidt is a career Banco do Brasil executive with experience in governance and finance and prior roles in the BB ecosystem, including Previ.
• He is reported to take office on Sept. 22, replacing Fabiano Silva dos Santos, who resigned in July and made his formal farewell on Sept. 18.
• Correios posted a R$2.6 billion loss in the second quarter and a first‑half shortfall reported at about R$4.37 billion, with the company citing higher administrative costs, a salary adjustment for more than 55,000 employees, and rising precatórios.
• The company estimates a need for R$7 billion from the Treasury through 2026 (R$2 billion this year and R$5 billion in 2026), a request the Finance Ministry resists over dependency and budget impacts, as officials also debate the scope of postal universalization and prepare changes to politically appointed directorates.