Economic news

Brazil government’s pick for next Petrobras CEO withdraws, sources say

2022.04.04 23:40

Brazil government's pick for next Petrobras CEO withdraws, sources say
FILE PHOTO: The logo of Brazil’s state-run Petrobras oil company is seen at its headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes/File Photo

By Rodrigo Viga Gaier and Gabriel Araujo

RIO DE JANEIRO (Reuters) -Energy consultant Adriano Pires has backed out of the Brazilian government’s nomination for him to take the helm at Petrobras, two sources told Reuters on Monday, as the latest succession plan at the state-run oil company appears to have fallen apart.

Pires’ decision came a day after soccer magnate Rodolfo Landim declined a nomination to chair the board of Petroleo Brasileiro SA, as the company is formally known.

Pires had been tapped by Brazilian President Jair Bolsonaro as the next chief executive of Petrobras on March 28, following disagreements between the far-right leader and current CEO Joaquim Silva e Luna over the company’s fuel pricing policy.

The government will now need to scramble to find suitable replacements for the two top spots at Petrobras just days before its April 13 annual shareholders’ meeting.

Petrobras did not respond to a request for comment, nor did Pires.

Pires’ decision to back out of the top job at Petrobras was reported earlier on Monday by Brazil’s O Globo newspaper. Preferred shares in Petrobras fell 1% after the O Globo article was published, but later recouped their losses.

Pires’ nomination had been facing internal compliance-related hurdles at Petrobras, as his consultancy, Rio de Janeiro-based CBIE, advises companies that do business with Petrobras, two sources with knowledge of the matter had previously told Reuters.

An internal compliance committee had also recommended against Landim becoming the next chairman on conflict of interest grounds, said the sources, who requested anonymity to discuss private internal deliberations.

Reached for comment, Landim said that he decided to withdraw from the board nomination in order to dedicate all his energy to Flamengo, the Rio de Janeiro soccer club of which he is president.

In a note to clients, analysts at Brazil’s Itau BBA maintained their “outperform” rating on Petrobras shares given what they described as strong fundamentals, but said uncertainty at the top would create negative noise.

“This uncertainty regarding the nominees to the chairman and CEO positions, arising so soon before the company’s next general shareholders’ meeting, will likely trigger some volatility in the stock this week,” the analysts wrote.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 76,603.52 1.50%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,885.88 7.90%
tether
Tether (USDT) $ 1.00 0.10%
solana
Solana (SOL) $ 197.05 5.10%
bnb
BNB (BNB) $ 601.03 2.15%
usd-coin
USDC (USDC) $ 1.00 0.00%
xrp
XRP (XRP) $ 0.555493 3.61%
dogecoin
Dogecoin (DOGE) $ 0.193975 0.19%
staked-ether
Lido Staked Ether (STETH) $ 2,882.49 7.75%
cardano
Cardano (ADA) $ 0.393483 9.85%
tron
TRON (TRX) $ 0.160627 1.99%
the-open-network
Toncoin (TON) $ 4.93 4.16%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,407.16 7.90%
avalanche-2
Avalanche (AVAX) $ 27.59 3.96%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 76,342.45 1.36%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 1.36%
weth
WETH (WETH) $ 2,881.18 7.68%
chainlink
Chainlink (LINK) $ 12.57 5.27%
bitcoin-cash
Bitcoin Cash (BCH) $ 384.25 3.12%
sui
Sui (SUI) $ 2.36 3.42%
polkadot
Polkadot (DOT) $ 4.15 1.36%
leo-token
LEO Token (LEO) $ 6.26 0.10%
usds
USDS (USDS) $ 1.00 0.15%
uniswap
Uniswap (UNI) $ 9.08 1.64%
litecoin
Litecoin (LTC) $ 71.93 2.85%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,027.27 7.50%
near
NEAR Protocol (NEAR) $ 4.24 2.30%
aptos
Aptos (APT) $ 9.80 4.84%
pepe
Pepe (PEPE) $ 0.000011 10.81%
bittensor
Bittensor (TAO) $ 513.44 1.53%
internet-computer
Internet Computer (ICP) $ 7.78 1.09%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.41 0.93%
dai
Dai (DAI) $ 1.00 0.11%
monero
Monero (XMR) $ 166.86 1.89%
stellar
Stellar (XLM) $ 0.100876 4.45%
ethereum-classic
Ethereum Classic (ETC) $ 20.11 4.43%
kaspa
Kaspa (KAS) $ 0.118265 0.06%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.02%
whitebit
WhiteBIT Coin (WBT) $ 19.49 0.69%
aave
Aave (AAVE) $ 185.83 8.87%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.345609 4.49%
blockstack
Stacks (STX) $ 1.68 0.31%
crypto-com-chain
Cronos (CRO) $ 0.092253 8.66%
okb
OKB (OKB) $ 40.35 3.06%
dogwifcoin
dogwifhat (WIF) $ 2.39 0.59%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.05%
arbitrum
Arbitrum (ARB) $ 0.581807 9.27%
mantle
Mantle (MNT) $ 0.679033 14.58%
filecoin
Filecoin (FIL) $ 3.76 3.20%