Brazilian state-owned electrical holding company Eletrobras on Wednesday announced that its CEO Aloisio Vasconcelos has resigned.

According to a press release, Director of Engineering Valter Luiz Cardeal would temporarily replace Vasconcelos and assume the two posts at Eletrobras until the government announces the new CEO.

Eletrobras holds stakes in a number of Brazilian electrical companies, and it generates and transmits about 60 percent of Brazil's electrical supplies.

Sao Paulo Stock Exchange (Bovespa) reported that the company reached Level 1 in corporate governance last year, while it is currently in the process to reach Level 2 in its American Depository Receipts on Wall Street, which indicates the high level of administrative transparency.