Brazil: Another Petrobras CEO resigns, office turns into a hot seat

RIO DE JANEIRO, BRAZIL – Petrobras President José Mauro Ferreira Coelho resigned from his post on Monday (20). The announcement comes after the state-owned company readjusted prices for diesel and gasoline on Friday.

José Mauro Coelho’s departure was announced at a meeting of the board of directors.

Petrobras published the resignation in a related announcement. Here is the complete statement. The appointment of an interim president will be decided by the Board of Directors.

With the departure, President Jair Bolsonaro (PL) will have appointed the fourth CEO of the state-owned company. José Mauro Coelho had been in office for one month and nine days.

On Friday (17), the state-owned company increased the price of gasoline sold to distributors by 5.18%. Diesel had a high of 14.26%.

President Bolsonaro and his ministers criticized the new regulation. The head of government said Friday (17) that he would propose, along with the president of the Chamber of Deputies, Arthur Lira (PP-AL), the formation of a parliamentary commission of inquiry (CPI) to investigate the president, directors, and administrative and fiscal councils of the state-owned company.

Lira called for the resignation of José Mauro Coelho. The mayor also said that the then-president of Petrobras had no legitimacy and was committing “corporate terrorism.” He called the state-owned company a “spoiled child” and spoke of taxing its profits.

The Bolsonaro government has already forwarded new names for the Petrobras board. The nomination of Caio Paes de Andrade, currently the special secretary for de-bureaucratization, management, and digital administration of the Ministry of Economy, was confirmed by the Ministry of Mines and Energy on June 9.

However, a meeting of the Board of Directors is required for him to take office.