Board of Directors elects Paes de Andrade as CEO of Brazil’s Petrobras

The Board of Directors of Petrobras on Monday (27) elected Caio Mario Paes de Andrade as director and president of the state-owned company. Of the 10 board members, 7 voted in favor.

RIO DE JANEIRO, BRAZIL - Paes de Andrade was elected as a board of directors member until the next general meeting when the entire board will be re-elected, and as president of Petrobras, with a term ending April 13, 2023.

Paes de Andrade was nominated by the government on May 23 and was waiting for Petrobras' corporate governance analysis to allow the board to deliberate on his nomination. On Friday (June 24), he received the recommendation of the state-owned company's Popular Committee.

The resignation of his predecessor, José Mauro Coelho, under pressure from the government of Jair Bolsonaro . . .

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