Despite public reticence from Virgílio Lima, the Mutualist Association has reportedly decided not to reappoint Pedro Leitão as CEO of Banco Montepio after his mandate expired at the end of last year. The bank is said to have settled on José Azevedo Pereira — a former director — as the successor. The move signals a leadership change at Banco Montepio that will shape its strategic direction and investor and member relations going forward.