Brazil’s Bolsonaro says next CEO will replace Petrobras management

(Reuters) – Brazilian President Jair Bolsonaro on Wednesday said Caio Paes de Andrade, his pick to be oil producer Petrobras’ (PETR4.SA) next chief executive, will replace the company’s management when he takes over the position.

“Obviously, he (Andrade) is going to change his directors and these new ones will give the company a new dynamic, they will study the fuel pricing policy issue,” Bolsonaro said in an interview with a local radio station.

The South American president has been a constant critic of Petrobras’ pricing policy, which must reflect fluctuations in international oil prices, amid mounting political pressure from fuel price hikes just months before Brazil’s presidential elections.

The government had already announced in May that it was replacing Petrobras CEO Jose Mauro Coelho with Andrade, an Economy Ministry official, but complexities related to company statutes and securities laws had significantly delayed the handover.

However, on Monday, Coelho resigned from his position before he was formally replaced, clearing the path for Andrade to join the company’s board and then move to the CEO spot, as Petrobras confirmed in a previous statement to Reuters. read more

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