Rio de Janeiro, January 14, 2019 – Petróleo Brasileiro SA – Petrobras informs that it has received communication from its controlling shareholder, as assured by Petrobras By-Laws and Brazilian legislation, with the nomination of three new members to the Petrobras Board of Directors, Eduardo Bacellar Leal Ferreira, John Milne Albuquerque Forman and João Cox.
These indications will be subject to Petrobras’ corporate governance procedures, including the respective conformity and integrity analyzes necessary for the company’s succession process, and forwarded to the Nominating, Compensation and Succession Committee, and deliberation by the Board of Directors and, later, by the General Shareholders’ Meeting.
Leal Ferreira is a Fleet Admiral and was Commander of the Brazilian Navy until January 2019, having therefore reached the top of his career. In addition to the Naval School, Leal Ferreira received top-level training at the Naval War School in Brazil, at the Chile Naval War Academy, and at the Annapolis Naval Academy in the USA. Prior to being Commander of the Brazilian Navy, he held several important positions in the force, being Chief of Staff of the Navy and Commander-in-Chief of the Squadron.
Leal Ferreira has been trained and had his leadership, management and strategic vision capabilities tested and perfected over many years of experience. He was appointed by our controlling shareholder to hold the Presidency of the Board of Directors.
Forman holds a degree in geology and a Master of Science in Geology from the Stanford University, California, USA. He was a Professor of the Geology School of the Federal University of Rio de Janeiro (UFRJ), and was Head of the Department of Economic Geology and Mines of the Institute of Geosciences of UFRJ and member of the Scientific and Technological Council of the Brazilian National Council for Scientific and Technological Development (CNPQ).
Throughout his career, he received several honors, respectively, granted by the Brazilian Association of Petroleum Geologists, the Brazilian Society of Geology, the Ministry of Science and Technology, the Ministry of Mines and Energy, the Ministry of Foreign Affairs, the Brazilian Navy and UFRJ.
Considered one of the leading Brazilian specialists in Geology and Energy, Forman has held several executive positions in the private sector and government agencies.
He was President of Unipar, President of Nuclebrás, Director of the National Petroleum, Gas and Biofuels Agency (ANP) and director of several other companies. He was a member of the Board of Directors of private and state-owned companies in the petrochemical and energy industry.
Cox is an economist and holds a degree in petrochemicals economics from the University of Oxford, UK. He has a successful career as an executive, having been CEO of Telemig Celular and CEO of Claro, among other prominent positions. Cox has extensive experience as a member of the Board of Directors of several companies, such as Tim Brasil, where he is Chairman of the Board, Tim Participações, Embraer, Linx and Braskem.
The three appointed members are expected to replace Luiz Nelson Carvalho, Francisco Petros and Durval José Soledade Santos on Petrobras’ Board of Directors. Carvalho and Petros filed a resignation request on January 1, 2019, while the resignation of Soledade was received today and is effective as of February 4, 2019.
Petrobras appreciates the valuable contribution of directors Carvalho, Petros and Soledade for its restructuring. Soledade will continue to collaborate with the company as an external member of the Minority Committee and the Statutory Audit Committee of the Petrobras Conglomerate.
The new composition of the Board of Directors, after approval of the nominations, will maintain the minimum percentage of 40% of independent members, in strict compliance with the Company’s By-Laws.
Chairman Roberto Castello Branco commented on the changes: “In the recent past, solid corporate governance has been built and rigorous standards of integrity and compliance have been established, which will be preserved and if necessary reinforced. It was a cycle that ended. A new era begins with a long-term strategic vision and goal of generating value for shareholders and for Brazil. The changes in Petrobras’ management reflect the new orientation”.
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