| Unibanco in 2004 promoted an organizational restructuring, as part of a growth-oriented
new strategy. The changes seek to renew and streamline structures, making the
decision-making process faster. The changes included the replacement of some senior
executives who reached the statutory age limit.
Pedro Moreira Salles was elected as chief executive officer and vice-chairman.
Pedro Sampaio Malan was elected chairman of the Board of Directors. Joaquim
Francisco de Castro Neto joined the board, after years of service in executive
function at Unibanco. Armínio Fraga was also elected to the board. A
statutory Auditing Committee was created in compliance with new regulations,
and charged with a clear agenda. A new People and Communication unit, reporting
directly to the CEO, was structured to consolidate all of Unibanco's initiatives
in communication, marketing and endomarketing. Support areas formerly enmeshed
into the business areas have been restructured to promote further synergies
reporting directly to the CEO. The changes implemented in 2004 poses bold challenges
for the years ahead.
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