Business

Petrobras minority shareholders could fight against new CEO

The Bolsonaro government has booted out yet another Petrobras CEO over the relentless increase in fuel prices. But its latest pick to head the oil company may not cut it for minority shareholders

petrobras Caio Paes de Andrade speaking during a COP26 event hosted by the Brazilian government. Photo: Washington Costa/ASCOM/ME
Caio Paes de Andrade — who Jair Bolsonaro wants for the Petrobras CEO position — speaking during a COP26 event hosted by the Brazilian government. Photo: Washington Costa/ASCOM/ME

In a letter published on Monday, Brazil’s Mines and Energy Ministry announced that the government will use its powers as controlling shareholder of Petrobras to change its chief executive officer. Again. José Mauro Coelho, who took office just over a month ago, could not resist a recent hike in diesel prices and has been the latest casualty caused by fuel inflation.

His replacement, the government announced, shall be Caio Mário Paes de Andrade, who currently serves as the Economy Ministry’s Debureaucratization Secretary. Mr. Andrade’s nomination must be confirmed by the Petrobras board. 

Mr. Andrade holds an undergraduate degree in...

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