This was the year Petroleo Brasileiro SA investors got what they had sought for decades: a chief executive with a mission to streamline and an independent chairman. Now one of them is gone.
Clashes over everything from Formula 1 sponsorship to the spinoff of a fuel unit created a rift between CEO Aldemir Bendine, 51, and the board led by Vale SA CEO Murilo Ferreira, 62. Bendine, a former state banker, and Ferreira, the reserved mining executive who leads the world’s biggest iron-ore producer, have disparate personalities. And they disagreed on how to conduct business.
The internal tug of war undermined crucial decision making at the state-controlled oil producer at a time when it’s struggling to manage the industry’s heftiest debt load. Ferreira’s formal departure, announced Monday after a seven-week leave of absence, tests the government’s pledge for independent stewardship of Petrobras, something investors have been craving for years. If his replacement is viewed as prioritizing government policy, such as inflation fighting, over efforts to bolster the balance sheet, it will discourage investors.
In announcing Ferreira’s departure Monday, Petrobras didn’t provide any reasons. Luiz Nelson Guedes de Carvalho, who has been acting chairman since Ferreira took leave on Sept. 14, will remain in his position until the next ordinary board meeting.
Brazil Energy Insight 
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