Good morning! Today, the government’s continuing struggles to find new leaders for Petrobras. How the Central Bank workers’ strike could disrupt Brazil’s main payment gateway. And a massive win for transgender rights.
The tug of war over Petrobras
The government has invited Decio Oddone, a former chair of the National Oil Agency and currently head of an oil exploration company, to become the next CEO of Petrobras. But the move is proving to be another swing and miss. Mr. Oddone declined the offer as he would not have enough time to sever his ties with his current company in time for the Petrobras shareholders’ meeting scheduled for April 13.
- President Jair Bolsonaro’s previous appointments for CEO and for chairman of the board withdrew their names from the hat due to conflicts of interest.
- With the shareholders’ meeting one week away, the government may be running out of options. Or at least out of ideal options.
Plan B. The possibility of removing the issue from next week’s shareholder agenda is growing likelier, especially as minority shareholders are starting to pressure for the postponement of the meeting.
Why it matters. The debacle comes as the company faces a massive stress test, with...