Petrobras Boardroom Helm Handed to Rousseff State Banker Ally

Petrobras Boardroom Helm Handed to Rousseff State Banker Ally

By Juan Pablo Spinetto Sabrina Valle

6:48 PM BRT
March 26, 2015

(Bloomberg) — Petroleo Brasileiro SA appointed a long-time ally of President Dilma Rousseff to lead its board, shunning calls to regain credibility by naming a more market-friendly executive.

Petrobras, the Rio de Janeiro-based oil producer at the center of Brazil’s biggest corruption scandal, named Luciano Coutinho, who heads the country’s state development BNDES, as chairman, replacing former Finance Minister Guido Mantega, according to a regulatory filing Thursday.

Coutinho, 68, has been a Petrobras board member since 2008.

He takes over as chairman as the company tries to regain investor trust amid Brazil’s biggest-ever corruption scandal and allegations of political interference that wiped out more than $200 billion in market value in the past four years.

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