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SAO PAULO, May 3 (Reuters) - Brazil's state-controlled Centrais Eletricas Brasileiras SA has not met its workforce reduction target with a voluntary buyout program, the company's chief executive said on Friday.
Wilson Ferreira Jr., the chief executive, said only 438 employees joined the program so far, less than 25 percent of the 2,000 workers that Eletrobras, as the company is known, was planning to layoff.
Ferreira said Eletrobras will create new workforce reduction programs to reach its goal of having 12,000 employees by 2020, down from the current 14,000.
Eletrobras has a divestment program ongoing and the Brazilian government has been discussing a potential privatization through a share offering. (Reporting by Rodrigo Viga Gaier Editing by Leslie Adler)