Brazil's Cemig to face CEO swap as Minas governor eyes allies, Brazil Journal says

Energy of Minas Gerais

27/08/2026 24:17

SAO PAULO, Aug 26 (Reuters) - The chief executive of Brazilian power firm Cemig CMIG3.SA, controlled by the state of Minas Gerais, is set to be ousted after just three months in the role, as the Minas Gerais state governor plans to replace the executive to satisfy political allies ahead of a local reelection bid, local outlet Brazil Journal said on Wednesday.
Minas Gerais has around a 51% controlling stake in Cemig's voting shares.
The state Governor Mateus Simoes has put forward two names to potentially replace CEO Alexandre Ramos and satisfy his allies, Brazil Journal said.
Marcio Nunes, a former Copasa CSMG3.SA CEO, is the frontrunner to succeed Ramos, the report said.
The other candidate is Fernando Fagundes, a former Light LIGT3.SA legal executive.
Additional changes are expected at Cemig to address political pressures ahead of the Minas Gerais state election, Brazil Journal added.
Simoes has trailed at least three of his rivals in polls for the October state election.
Cemig and the Minas Gerais government did not immediately respond to requests for comment.

(Reporting by Fernando Cardoso, Editing by Iñigo Alexander)
((fernando.cardoso@thomsonreuters.com;))