SAO PAULO (Reuters) – Goldman Sachs Group is changing its management in Brazil and getting rid of the post of local chief executive officer, the bank said in a statement on Thursday.

Latin America co-heads Gonzalo Garcia and Ram Sundaram announced that current CEO Maria Silvia Marques will become the chair of the bank’s consultative board.

They said Goldman’s activities in Brazil will be led by a new executive management committee with six members.

Goldman spokesman Michael Duvally confirmed the change.

The members of the new executive management committee are Paula Moreira, Daniel Motta, Juliano Arruda, Rodolfo Soares, Ricardo Bellissi and Ricardo Mourao, the bank said.

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