Brewing conglomerate Anheuser-Busch InBev (AB InBev) said on Thursday CFO Felipe Dutra will step down and be replaced by  Fernando Tennenbaum, the CFO of its Brazilian subsidiary Ambev.

Brazil is AB InBev’s second-largest market behind the US, with Tennenbaum a 15-year veteran of the company.

“We would like to congratulate Fernando on being appointed our CFO. With deep functional expertise and strong technical knowledge, he is uniquely qualified to lead our finance function and actively support top-line growth through solid financial management,” said CEO Carlos Brito.

The company said the changes are part of “a well-established succession plan” and will be effective after AB InBev’s annual shareholders’ meeting, to be held on April 29.