Petrobras is preparing for a change in its entire board of directors
3 min read
“There will be more changes, and nothing more natural in a change of leadership,” one of the sources said.
RIO DE JANEIRO (Reuters) – The change, announced by Petrobras on Monday in its Directorate of Digital Affairs, may be the first among changes being considered by the company’s president, Caio Pais de Andrade, according to sources familiar with the situation.
Expectations indicate that new appointments by the Petrobras president may take place in the coming days, which will follow a roadmap for changes in the state-owned company that President Jair Bolsonaro expects, according to his own statements after the appointment of the CEO to serve as. Executive Director.
“There will be more changes, nothing more natural in a change of leadership,” one of the sources said, on condition of confidentiality, to talk about the matter, without referring to the positions that are under evaluation.
The new CEO of the company took office at the end of June, after the nomination of Bolsonaro, a candidate for re-election, who at that time was dissatisfied with the implementation of the state-owned company’s price policy and the impact of the fuel increase on consumers.
The company has eight legal members, in addition to the CEO, and changes in these positions need approval from the corporate governance and the board of directors, which is also new to the oil company, following the change of CEO – according to the company’s rules, the CEO must also be an advisor.
Petrobras announced Monday that its CEO has appointed Paulo Balea to head the Digital Transformation and Innovation Executive, replacing Giuliano Dantas.
The appointment, Andrew’s first for Petrobras’ board of directors, will be submitted to the state-owned company’s internal corporate governance procedures.
“This is probably the first change out of a few,” a second source said.
“How much and when is still being analyzed. But it should not be in the eight districts,” he added.
Decisions regarding fuel prices are endorsed by three executives: the company’s president, chief financial officer, Rodrigo Araujo, and director of marketing and logistics, Claudio Mastella.
Last month, there was a rework on the state-owned board of directors, with the election of six new members, four of whom were appointed by the government, which is the company’s largest shareholder.
The selection was controversial, as two of the candidates did not have prior approval from Petrobras’ bodies, indicating a conflict of interest between the company and the positions they hold in the government.
A third source said, “The choice of directors is up to the board. We have a new board that can rethink the names.”
The changes to the presidency and composition of the college occurred after a wave of criticism from Palácio do Planalto regarding the company’s pricing policy.
Since the arrival of Android, there have been a series of price cuts for diesel and gasoline, as well as other derivatives such as gasoline, jet kerosene and asphalt, following the drop in global oil prices.
During this period of leadership change at Petrobras, the government was able to implement an ICMS reduction law for fuel and other essential services, which helped reduce values at the pump.
sought, Petrobras did not immediately comment on the matter.
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