Business

Petrobras board greenlights new CEO appointment

Petrobras workers who own shares of the company do not like the nomination and have filed a complaint with the Brazilian Securities and Exchange Commission

Caio Paes de Andrade Petrobras
Caio Paes de Andrade is set to become the fourth Petrobras CEO appointed by the Bolsonaro administration. Photo: Marcello Casal Jr/ABr

The board of directors at Petrobras, Brazil’s state-controlled oil and gas major, has approved the nomination of Caio Paes de Andrade to become the company’s new chief executive officer. The Brazilian government had announced on May 23 its intention to name Mr. Andrade to the position.

According to Petrobras, Mr. Andrade will not need to have his name approved in a shareholders’ meeting. This is because former CEO José Mauro Coelho resigned last week, leaving a vacancy at the helm of the company, and it is therefore up to the board, on which the government controls six of...

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