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Free AccessAndrade’s Petrobras Resignation Paves Way For New CEO
- Petrobras’ board has approved the early termination of Caio Mario Paes de Andrade’s term as the company’s CEO, effective as of today, according to filing. Reports suggest Andrade will now take a job with Sao Paulo state’s new government.
- On Tuesday the government officially appointed Brazilian Senator Jean Paul Prates to Petrobras’s board of directors, a necessary step to taking over as CEO. The news comes at a time investors are concerned about growing political interference in the oil giant.
- Andrade’s resignation allows the company’s current board, where a majority of members were appointed by ex-President Jair Bolsonaro administration, to choose a CEO without holding a shareholders meeting.
- The only step required is for Prates to be cleared by internal Petrobras committees, which could take weeks. The government is also expected to name new representatives to the board of directors, which will then have to be approved at a shareholders meeting. Itau expects changes to the board to be completed by the end of February.
- Chief Production Development Officer Joao Henrique Rittershaussen will serve as interim CEO in the meantime, according to a filing.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.