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...
