MBRF appoints Miguel Gularte as global CEO after merger of BRF, Marfrig
Newly created food company reports annual revenue of about US$30 billion.
BRAZIL – MBRF, the food company formed from the merger of BRF and Marfrig, has named Miguel Gularte as its global chief executive officer.
The announcement was made on Monday, with the company describing itself as one of the world’s largest food producers, generating around US$30 billion in annual revenue.
Gularte will report directly to MBRF Chairman Marcos Molina, the founder of Marfrig, who had tasked him with leading BRF’s restructuring after taking majority control of the pork and poultry processor in 2022.
Before this appointment, Gularte had served as CEO of Marfrig and later moved to head BRF under Molina’s oversight.
Speaking about the group’s new structure, Gularte said the merger is expected to create annual synergies of about US$200 million, higher than the US$160 million previously projected when the deal was announced in May.
Both Molina and Gularte said the company plans to seek a listing on the New York Stock Exchange, following the example of competitor JBS, although no timeline has been provided for the move.
According to Molina, such a step would only proceed if it delivers value for shareholders, such as stronger trading multiples.
Gularte added that achieving the targeted efficiencies remains the priority before advancing with an international listing.
In the meantime, MBRF shares are scheduled to begin trading on the Sao Paulo Stock Exchange on Tuesday.
New organizational setup
As part of the structural changes, the company has reduced its number of vice-presidencies from 12 to eight.
Jose Rey has been appointed chief financial officer and investor relations officer under the new setup.
In addition, Fabio Mariano, formerly BRF’s CFO, will assume the role of vice president responsible for the Halal market and will be based in the Middle East.
The company has also emphasized its scale, noting that it exports products to 120 markets.
It is currently the world’s largest hamburger producer and operates plants in Brazil, the United States and China.
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