Election of Petrobras’ new CEO and changes in the Administration

Rio de Janeiro, December 21, 2018 – Petróleo Brasileiro S.A – Petrobras informs that its Board of Directors approved the dismissal, on 12/31/2018, of Mr. Ivan de Souza Monteiro of the position of the company’s CEO. In view of this dismissal, Mr. Ivan de Souza Monteiro presented his resignation as Petrobras’ Board Member, as of 12/31/2018.

The Company informs that the Board has appointed Mr. Roberto Castello Branco to the position of Board Member from 01/01/2019 until the next General Shareholders’ Meeting and also elected him as the company’s CEO, as of 01/01/2019.

In addition, the Board dismissed, as of 12/31/2018, Mr. Nelson Luiz Costa Silva from the position of Chief Strategy, Organization and Management System Executive Officer and Mr. Jorge Celestino Ramos from the position of Chief Refining and Natural Gas Executive Officer. Mrs. Solange da Silva Guedes, Chief Exploration and Production Executive Officer, and Mr. Eberaldo de Almeida Neto, Chief Human Resources, HSE and Services Executive Officer will occupy these positions, without prejudice to their current functions, for a period of 90 days or until the Board decides on new executive officers.

Mr. Roberto Castello Branco’s appointment was subject of prior analysis by the Nominating, Compensation and Succession Committee of Petrobras’ Board of Directors.

Roberto Castello Branco holds a bachelor’s degree in economics, with a doctorate from Fundação Getulio Vargas (FGV EPGE) and a postdoctoral degree from University of Chicago. He participated in executive training programs at Sloan School of Management (MIT) and International Institute for Management Development (IMD). He is affiliated professor at EPGE (FGV), also acting as director at Centro de Estudos em Crescimento e Desenvolvimento Econômico in this institution. He was a director at Vale S.A., Banco Central do Brasil, Banco Boavista, Banco Boavista Investimentos and Banco InterAtlântico. He was a member of Petrobras´ Board of Directors between May 2015 and April 2016, GRU Airport and Invepar, as well as a member of the Board of Directors of ABRASCA, Director of the American Chamber of Commerce (RJ) and a member of the Board of Directors of IBEF and Board of Curators of FGV.
He was president of the Instituto Brasileiro de Relações com Investidores, executive president of IBMEC and vice president of the Brazil-Canada Chamber of Commerce. He has published articles in academic journals and widely circulated newspapers and has lectured at conferences held in Brazil and abroad (USA, UK, Canada, Hong Kong, Shanghai, Singapore and Sydney). Author of the book ” Crescimento acelerado e o mercado de trabalho: a experiência Brasileira” (Accelerated growth and the labor market: the Brazilian experience).

The company is grateful for the important work of Ivan de Souza Monteiro since its arrival in 2015, as well as the contributions of directors Nelson Luiz Costa Silva and Jorge Celestino Ramos and welcomes Roberto Castello Branco.

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