Incoming Petrobras CEO Elects Experienced Management Team

(Bloomberg) – The new CEO of Petróleo Brasileiro SA, a former military general with no oil experience, has selected a group of career professionals to help him manage Latin America’s largest oil producer.

The incoming chief, Joaquim Luna e Silva, appointed Rodrigo Araujo Alves, who was recently serving as chief accounting officer, as the new chief financial officer. It also appointed three seasoned executives as directors, and retained three senior executives who worked alongside outgoing chief executive Roberto Castello Branco, the company said in a statement Friday.

The leadership team should ease some concerns investors had about growing political interference and a growing role for the military in the Rio de Janeiro-based producer. Financial markets will now wait to see what the direction of fuel prices will be under Luna after President Jair Bolsonaro fired his predecessor amid a dispute over rising diesel costs.

Original Note: Petrobras’s Incoming CEO Taps Oil Veterans for Top Management

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