The board of Oi SA announced that Jose Mauro Mettrau Carneiro has been elected as the new CEO, replacing Francisco Tosta Valim Filho.

The company has received a loan of BRL 5.4 billion, or about $2.65 billion, from Brazil's development bank BNDES. Oi will use the funding to invest in its rollout of 4G Long Term Evolution (LTE) technology.