(Reuters) – Caio Paes de Andrade, the chief executive of Brazil’s state-run oil firm Petrobras (PETR4.SA), has decided to resign before his term ends in April, but has not yet set a date for his departure, six sources told Reuters.
Andrade’s early exit would provide a pathway for leftist President-elect Luiz Inacio Lula da Silva to quickly install his own choice to lead the company. Lula, a leftist former president, takes office on Jan. 1.
Lula is expected to pick Senator Jean Paul Prates as the next head of the company. Prates has previously said the incoming government will not have an interventionist stance on Petrobras.
Petroleo Brasileiro, as the company is formally known, declined to comment.
Andrade did not immediately respond to a request for comment. Petrobras had previously said Andrade had accepted an invitation from future Sao Paulo state Governor Tarcisio Freitas to join his team.
Andrade was handpicked by right-wing President Jair Bolsonaro and took the helm of the firm in June, after three of his predecessors left following clashes with Bolsonaro over Petrobras’ fuel pricing policy.
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