Government publishes list of picks for Petrobras board

After giving up on its attempt to remove the chief executive officer of Petrobras, José Mauro Coelho, without the need for a shareholders’ meeting, the Brazilian government — the oil company’s controlling shareholder — issued a list of its new board nominees. 

These names must be approved by shareholders.

The list is mostly made up of government officials, mainly linked to the Economy Ministry — including Caio Paes de Andrade, the administration’s pick for CEO. 

Gileno Gurjão Barreto was chosen for the position of chairman of the board. He is the current head of Serpro, a public data-processing company. He took office to replace Mr. Andrade, who left Serpro to become Brazil’s de-bureaucratization secretary. The current chairman, Márcio Weber, will retain a board seat.

The need for a shareholders’ meeting delays President Jair Bolsonaro’s plans to make Petrobras more aligned with the government. The meeting has to be called 30 days before it takes place.

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