Brazil Picks New Board Members After Mass Exit
Brazil's government has recommended six potential board members at Petrobras, the state oil company reported on March 8, following the firing of CEO Roberto Castello Branco in late February and the subsequent departure of five other board members.
Branco clashed with Brazilian president Jair Bolsonaro over domestic fuel price policy. Bolsonaro has proposed replacing him with retired general Joaquim Silva e Luna. Brazil's government has also recommended that Eduardo Bacellar Leal Ferreira remain board chairman, and nominated Petrobras veterans Marcio Andrade Weber, Murilo Marroquim de Souza and Sonia Julia Sulzbeck Villalobos, along with newcomer Ruy Flaks Schneider, as other members.
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The government has the option of nominating two more board members, Petrobras said. Minority shareholder Banco Classico has also proposed re-electing Leonardo Pietro Antonelli as a member. A date has yet to be set for the extraordinary general meeting, where the government and other shareholders will vote on the nominations.